The Bank of Canada (BoC) published its Financial System Review (FSR) on Thursday.

Key Quotes from BoC Governor Tiff Macklem:

Canada's financial system remains resilient.
There could be volatility in global markets as expectations shift about the scope and timing of rate cuts.
Adjustment by financial institutions to higher rates and possible shocks has some way to go, presents risks to financial stability.
Some indicators of financial stress have risen; the valuations of some financial assets appear to have become stretched.
This increases the risk of a sharp correction that could generate system-wide stress.