October 29, 2015
HPAA Now Called the Housing Market Assessment (HMA) Report
October Edition: Overvaluation Most Commonly Detected Problematic Condition
This quarterly release of the Housing Market Assessment (HMA) provides updated results regarding evidence of problematic housing market conditions in 15 Census Metropolitan Areas (CMAs).
The HMA points to strong overall evidence of problematic conditions in Toronto, Winnipeg, Saskatoon and Regina. In Toronto, it reflects a combination of price acceleration and overvaluation, while in Winnipeg, Saskatoon, and Regina it reflects detection of overvaluation and overbuilding.
The most prevalent issue detected in 11 of the 15 centres covered by the HMA is overvaluation. The evidence of overvaluation has increased since the previous assessment in Toronto, Vancouver, Montréal, Edmonton, and Saskatoon as price levels are not fully supported by economic and demographic factors. Problematic overvaluation conditions in local housing markets could be resolved by moderation in house prices and/or improving economic conditions.
See the full report
Housing Market Assessment: Canada Edition