"It depends on how quickly we get follow-up rate hikes, how much these other mortgage regulatory changes end up doing on their own," said Avery Shenfeld, chief economist at CIBC, asked about the national outlook.

"At some point we do think that is going to cool prices in some of the most overheated parts of the country, but we might not see much action in terms of national house price measures, at least not until interest rates go up further."

The average Canadian household owed a near-record US$1.67 for every dollar of disposable income in the first quarter, one of the highest ratios in the world.