The Bank of Canada said that the high level of hatred and imbalance in the housing market compared to last year has taken a sharp turn, putting the economy at risk of economic injury.

The comments made by the central bank on the risks of the hot housing market since the onset of the COVID-19 epidemic early last year were the most comprehensive.

The rise in the Canadian housing market and the rise in mortgage debt support short-term economic growth but increase risk to the economy and financial system in the medium term, the central bank said in its annual review of financial systems.

Although consumer debt declined in early 2020, mortgage debt growth has outpaced growth, with total household sharpening rising sharply since mid-2020.