This is a real strange piece of information from Canada Mortgage and Housing???????

Besides overheating, price acceleration and overbuilding, housing market is stable.

What other factors could there be????????????

Canada's housing market looks like it has a "modest amount of overvaluation" in a number of markets, but otherwise there is nothing to worry about, the Canada Mortgage and Housing Corporation says.

The CMHC revealed its House Price Analysis and Assessment publicly for the first time on Monday. It's one of the ways the agency documents its observations on the housing market from time to time, but Monday was the first time it was released to the public.

Across the country, home prices are probably slightly higher than they should otherwise be, with pockets of concern in some cities, the agency says. But even the level of overvaluation has come down compared to the last time the CMHC looked at the data.

Outside of prices, the CMHC says the housing market is "stable and unchanged" in other categories that the agency monitors. 

"At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding," CMHC's chief economist Bob Dugan said.

In Vancouver, one city where the housing market tends to get a disproportionate amount of media attention, the housing agency described the situation as "stable" and "unchanged" on every metric it tracks.

But on the price front, there are indeed pockets of concern. "Overvaluation is most evident in Montreal and Quebec, but the trend is improving," Dugan said. "A modest risk of overvaluation is also present in Toronto, Calgary and Halifax."