Canadian home prices 20% over the odds: Fitch

Fitch Ratings says Canadian home prices are overvalued by about 20%, reports The Globe and Mail.

However, the ratings agency asserts “effects of inflation and price momentum” will keep the current home prices propped and it may be years before they return to their “sustainable values.”

While home prices are overvalued across Canada, they are particularly higher in Ontario, Alberta, British Columbia and Quebec.

Also read:

U.S. new home sales soar

Toronto a tale of two condo markets

Housing affordability improves

Housing affordability not a problem for most families

Realtors resort to gimmicks to sell homes

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