Bank of Canada warns on condos The Bank of Canada issued a harsh warning today about overbuilding of high-rise housing, notably condos. “In the current context, a specific concern is that the total number of housing units under construction has been increasing and is now well above its historical average relative to the population,” the central bank said in its financial system review. “This development is entirely accounted for by multiple-unit dwellings (which include condominium units), especially in major metropolitan areas.” As Canada’s housing market cools, the condo sector has been of particular concern, ... (full story)