The report highlights that most problematic signs were detected out West, i.e. Calgary, Saskatoon and Regina, where the CMHC detected “strong overall evidence” of overbuilding and overvaluation. The CMHC’s chief economist, Bob Dugan, mentioned in his remarks that “inventory management is becoming important.” Enlisting primary reasons for region’s housing market problems, the report states that plummeting oil prices, migration and poor employment numbers are alarming in West. On the other hand, the report adds that Ontario and Ottawa is having its overbuilding problems worsening when compared to previous numbers. Whereas, Toronto demonstrated “price acceleration and overvaluation,” with the potential for overbuilding becoming a problem “due to the high number of condominium units under construction.” In its remarks, CMHC report suggested that Toronto’s problems could become worse, if condos currently under construction remain unsold after they’re built.