July 27, 2016 / 6:57 PM / a year ago

Canada housing agency sees overvaluation signs in hot markets

OTTAWA, July 27 (Reuters) - Canada's housing market is showing strong signs of overvaluation as prices have surged, the federal housing agency said on Wednesday, as it raised its assessment of problematic conditions in a quarterly report.

The Canada Mortgage and Housing Corporation (CMHC) said in its third quarter report that it now rates the level of evidence of problematic conditions as moderate, up from weak in its previous report.

Reporting by Leah Schnurr; Editing by Jeffrey Hodgson

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