Canada Mortgage and Housing Corp. is once again warning of "strong evidence of problematic conditions" in Canadian housing.

That's not new — we've heard plenty of warnings about overvaluation in Toronto and Vancouver, and overbuilding in some Prairie cities.

But this time, the mortgage insurer has flagged a different issue: The population of young first-time homebuyers isn't growing as quickly as it used to.

"In the first quarter of this year, Canada saw a positive, yet slow growth in the young adult population and a drop in disposable income in all regions except British Columbia," CMHC's chief economist, Bob Dougan, said in its latest housing market assessment on Wednesday.

"This gives less support to house prices, which picked up again in early 2017 after a period of decline in the back half of 2016."

(That "period of decline" was largely due to a softening in the Vancouver market.)