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According to the latest report by the OECD (Organization for Economic Co-Operation & Development) the pace of Canada's economy will grow faster than originally thought. See the full article below as reported by the #1 non-bank mortgage lender in Canada, First National:
 

"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.”

 

Sincerely,

 
Tony
 

Tony Marchigiano

Mortgage Broker
310-328 West Hastings Street
Vancouver, BC
 
 

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