Goldcorp Chief Executive Officer David Garofolo thought he was done taking out mortgages, but when he got to Vancouver he realized that was not the case.

“It’s actually quite shocking how hot the [housing] market is,” Garofolo told BNN in an interview.

“In fact, I’ve taken a mortgage after I thought I was done with mortgages in order to enter into the Vancouver real estate market.”

The Canada Mortgage and Housing Corporation’s latest assessment of the housing market cited Vancouver as exhibiting "strong evidence of problematic conditions" alongside Toronto.

If there's an upside for Garofalo, he said the housing market is playing well into the company’s philosophy to "de-centralize" the organization.

“If something can be done at the mine site that we’re doing at the mine site, then we’re doing less at the corporate level,” he said.

“We’re trying to put as much talent down at the mine site level where real estate prices are considerably lower.”