In its latest global economic outlook this week, the organization says that Canada’s “house prices, housing investment and household debt are very high, posing financial stability risks.”
Citing a potential correction for Vancouver and Toronto, the OECD suggests that it could be “disorderly” and lead to a sharp increase in mortgage defaults. The greatest risk it says, is from a rise in unemployment.
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International economic think tank OECD says the Canadian economy is generally in good shape heading into 2017 but has again raised concern about house prices and household debt.