OECD, mortgage lender disagree over Toronto house prices

The OECD says that Toronto’s house prices are at severe risk of correction but CIBC disagrees. The Paris-based think tank gave its warning Monday as it downgraded outlook for the global economy. The organization wants the new federal government to take measures to cool the housing market including tightening the mortgage market. It says that an oversupply of condos in Toronto are a large risk to the housing market in the city. However CIBC says that the condos being built in Toronto are being bought; economist Benjamin Tal wrote that although there had been a tripling of the rate of unabsorbed condos earlier in the year this had fallen sharply since. That said, Tal noted that interest rate rises would have an impact on the market.

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