“The continued rise in house prices has not been matched by growth in economic and demographic fundamentals, giving rise to strong evidence of overvaluation,” the federal housing agency wrote.

“The widening price differential between low-rise and high-rise units and a low average vacancy rate in the rental market suggest that unsold inventory could be steadily absorbed provided that builders manage inventories well.”

http://www.theglobeandmail.com/report-on-business/economy/housing/toronto-prairie-housing-markets-at-high-risk-for-correction-cmhc/article27028664/