Hamilton has joined Vancouver, Toronto, Saskatoon and Quebec City on Canada Mortgage and Housing Corp.'s list of markets it considers to be strongly overvalued. CMHC said the evidence of overvaluation in the Hamilton market went from moderate in its April report to strong. "In particular, CMHC now detects strong evidence of overvaluation for Canada as a whole," the agency said. The situation in Toronto remains unchanged, with strong evidence of problematic market conditions driven by price acceleration and overvaluation. For its quarterly assessments, CMHC looks at housing markets to gauge their health based on these factors:Overheating — when demand is significantly and persistently outpacing supply.

Source: CBC News July 27, 2016 16:34 UTC