Bank of Canada: House Price to Income Over Norm by 35%

That's just about how much the market needs to correct by. Funny that. Bank of Canada: House price-to-income ratio outstrips norm by 35%

With housing prices to income levels running 35% above historic norms, Mark Carney, governor of the Bank of Canada, had some words of advice to heavily indebted households, telling them Tuesday to use “prudence and caution” because borrowing costs can only go up.

‘Household spending is expected to remain high relative to GDP as households add to their debt burden, which remains the biggest domestic risk’