Bank of Canada identified Toronto as the largest housing-market problem

For the Bank of Canada, a housing correction tops its list of risks facing the financial system. The central bank has warned that a sharp rise in unemployment could set off a series of unfortunate events, including a house-price correction that would be particularly severe in the Toronto and Vancouver. That would trigger a spike in mortgage defaults, putting pressure on lenders and mortgage insurers and eventually affect all borrowers through higher interest rates.
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