Vancouver houses are overvalued, but CMHC says price acceleration isn’t a concern

, Canada

The real estate board of Greater Vancouver reported that prices have risen 23.2 per cent from a year ago, according to its price index.

Canada Mortgage and Housing Corp., the Crown corporation that monitors the residential real estate market, said Wednesday it sees some overvaluation in Vancouver.

But while CMHC is now witnessing strong evidence of overvaluation in Canada’s most expensive city  — with a “moderate” overall risk factor — it said price acceleration isn’t a concern at this point, rating that issue as “weak.”

“When we think about price acceleration, we certainly have seen fairly strong price growth in the Vancouver (census metropolitan area) and a lot of price growth has been targeted in certain parts of the market more than other, ” said Bob Dugan, chief economist with CMHC, in a conference call with journalists.

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