Prices in red-hot Canadian housing markets could be at risk of a “significant” correction amid extreme valuation and policy uncertainty heading into the new year, according to one of the country’s best known mortgage experts. 

Rob McLister, a self-professed “rate watcher” and founder of, said the Bank of Canada’s plan to start raising interest rates next year is just one – albeit the most important – factor that in his mind is creating a risky outlook for housing in 2022.

He cited analysis released this week by National Bank’s economics and strategy team that showed the total value of Canadian real estate assets was roughly five times national disposable income as of the second quarter of this year, compared to the average

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