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OECD: Canada should do more about addressing risk from expensive housing markets

OECD: Canada should do more about addressing risk from expensive housing markets

The OECD is calling on Canada to do more to address risks associated with high-priced housing markets in cities such as Toronto and Vancouver, the latest global body to draw attention to the country's real estate sector. By contrast, it lowered its forecast for the USA economy, and now expects growth this year of 2.1%, down from 2.4% in March.

The OECD Economic Outlook is the Organization for Economic Cooperation and Development's twice-yearly analysis of major economic trends and prospects.

The new OECD estimate is also above the Bank of Canada's most recent forecast of 2.6 per cent growth in 2017.

China's growth forecasts for this year and next were raised slightly to 6.6 percent and 6.4 percent, respectively, from 6.5 percent and 6.3 percent seen in March.

"Households are expected to continue to support their consumption by further reducing their saving rate". "A sufficiently large shock could even threaten financial stability".

The OECD's report comes in the wake of a warning from the Fiscal Advisory Council here about the risk to the economy of another housing boom.

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"The stronger policy-driven demand growth in China and many other Asian economies that is helping to underpin the modest global upturn projected in 2017 and 2018 can not be sustained indefinitely", the OECD said.

The group of 35 nations projected that global GDP this year will grow by 3.five percent, and three.six percent next year, boosted by a recovery in trade, increased production as well a general improvement in consumer sentiment.

Over Seoul's decision to deploy a US -led missile system, the Beijing government's retaliatory measures against Korean-made consumer goods and a ban on tour groups may drag down the country's GDP growth by 0.2 percentage point, as China accounts for a quarter of South Korean exports, it added.

The OECD also said increased trade and investment flows had offset a weaker outlook in the United States, while German growth is helping to boost the eurozone economy, with 2017 growth forecasts at 1.8% for the latter and 2.1% for the former.

- With files from The Associated Press.

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