The Merrill economists are most concerned about Saskatchewan, where the doubling of house prices in Regina and Saskatoon over the past two years means, they estimate, these markets are almost 50 per cent overvalued.
In B.C., Vancouver's and Victoria's housing markets are now as much as 35 per cent overvalued, they believe. Markets in Alberta, meantime, have become slightly less overvalued in the past year.
The rest of the country looks “better balanced,” they said, with housing in Toronto essentially at fair value.
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