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Residential Market Commentary - week of March 13, 2017

Mar 13, 2017, 13:51 PM by Joelle Park

The latest outlook from the Organisation for Economic Co-operation and Development offers some good news for Canada.

The Paris-based think-tank has boosted its projection for economic growth in this country from 2.1% to 2.4% for 2017.  That puts Canada on par with the United States and ahead of the rest of the G7 countries.

For a long time housing has been a key driver of the Canadian economy, but the OECD is pointing to external factors for its improved forecast.  It cites better export-market growth and an end to the decline in commodity-related investment.  The organization does talk about housing though.

The OECD is, once again, warning about the rapid rise in housing prices in Canada.  It also mentions Australia, Sweden and the United Kingdom.  In its report the OECD says past experience has shown that “a rapid rise in house prices can be a precursor of an economic downturn.”