The IMF estimated Canada’s housing market to be 7 to 20 per cent overvalued, depending on the region. Both the IMF and the Fitch estimates are lower than the Bank of Canada’s estimate, late last year, that Canadian housing is overvalued by as much as 30 per cent

“Based on historical experience, mortgage rate changes of this magnitude can boost demand for housing by 10 per cent to 15 per cent over a six-month period,” economists Beata Caranci and Diana Petramala wrote. "Since existing home sales are up only 6% year-to-date as of June, the past decline in mortgage rates are likely to feed through to demand for several more months."

"But downside risks exist, particularly in markets that have been dependent on robust construction and real estate activity in recent years."

http://www.huffingtonpost.ca/2015/07/20/canadian-housing-correction-fitch_n_7833600.html?&ref=yfp

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Fitch: Canadian Homes 20% Overvalued, Correction Coming