OECD: HOUSE PRICES HURTING CANADIAN MIDDLE-CLASS

After being hurt last year because of low oil prices, Canada’s economy has turned a corner in the eyes of the OECD.

But in a just released report it says rising real estate prices are squeezing the middle class, especially in Toronto and Vancouver.

The Organization for Economic Co-operation and Development warns home prices are leaving families vulnerable to higher rates or a correction in prices.

The Paris-based intergovernmental agency concedes recent changes in mortgage rules may discourage buyers from entering expensive markets, but the OECD urges ”regionally focused measures” to further help with affordability.

It also warns against high levels of consumer debt.

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