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Housing market overvalued: Jarislowsky

Noted investor Stephan Jarislowsky, chairman of Jarislowsky Fraser investment firm, has a warning for Canadian homeowners.

"I believe that Canadian real estate is over-priced by about 25 to 35 percent," he tells BNN. "I think the [debt-to-income] ratio of 155 percent of disposable income of the average Canadian is excessive, especially because we do not have tax exemptions like Americans."

Jarislowsky also says that with a slowdown in global economic activity, commodity prices will likely fall and that will "increase [Canada's] adverse balance of trade and our current account balance."

"Canada is in a difficult position and would be in a much more difficult position if interest rates were at normal levels," he adds. CTV Two CTV News CTV News Channel BNN - Business News Network CP24