Huffington Post says 'Canada's Housing Market is Out of Control'

Canada's housing markets are defying the odds, according to the Huffington Post Canada. Despite a recession, unimpressive wage growth and record household debt levels - house price values have grown in markets like Toronto and Vancouver over the past year. 

The news site offers five signs that show Canada's housing market has grown out of control. Below are three of them. 

1. Canada tops the global housing bubble rankings

Earlier this year, the Economist identified Canada as having "the most overvalued housing market among three dozen advanced economies." 

The magazine said "the cheapness of borrowing" has cause the prices to skyrocket throughout Canada and elsewhere. Deutsche Bank also agreed with the Economist and declared Canada to have the most overvalued housing market. 

2. Mortgage fraud is "thriving"
Home Capital, a mortgage lender, recently cut ties with 45 mortgage brokers this year because of allegations they falsified borrowers' income information. The Huffington Post argues that's likely why it was such a target for short sellers. Although Canada isn't seeing a high number of fraudulent loans like the United States did, a recent investigation from The Globe and Mail asserted that mortgage fraud is thriving. 

3. The CMHC is raising alerts for overvaluation
The CMHC is Canada's government-run mortgage insurer and it's role is to ensure that housing and homeowners are on an "even keel." A new report from the organization found 11 of 15 markets were overvalued and warned of condo overbuilding in Toronto, Montreal and Ottowa. 

What are your thoughts on Canada's housing market? Do you agree with the Huffington Post article?