Canadian homebuyers paying too much

New reports suggests Canadians are over-paying for housing.

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A new CIBC  report on the Canadian housing market suggests that real estate in most parts of Canada is overpriced and getting pricier.

B.C. and Alberta are especially hard-hit with overvalued real estate, while housing in Canada at large averages out to about 14% over “fair value.” And while we aren’t spending substantially more than we were a decade ago on monthly mortgage payments, the average outstanding mortgage balance has gone way up, from $120,000 in 2004 to $170,000 today.

RBC released a similar report yesterday, and economists are mixed as to whether the market is still going up, or whether we’re in the beginning stages of a slow-motion correction.

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