Another day, another warning that a correction could be looming for Toronto’s housing market. In a forecast released last week, Canada Mortgage and Housing Corp upgraded the city’s risk of a real estate downturn from moderate to high, noting that “the rise in house prices has not been matched by growth in personal disposable income, giving rise to a modest risk of overvaluation.” CMHC, citing levels of completed and unsold condo units that have “risen significantly” in the last quarter—exceeding historical averages—raised the possibility of overbuilding in Toronto’s condo sector.
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