Canada's economy is on the upswing, but Canadian households remain vulnerable because of debt and high housing prices, according to the latest report on the economy by the Organization for Economic Cooperation and Development. The Paris-based intergovernmental agency said Canada's economy has adjusted to the fall in commodity prices, with activity shifting from the energy to non-energy sectors. But it warns middle-class families in Vancouver and Toronto are being squeezed by high housing prices, leaving them vulnerable to higher rates or a correction in prices. In fact, OECD Secretary-General Angel Gurría urged other countries to use the fiscal tools available to boost growth. In 2015, Canada was hurting because of low oil prices, the OECD said, but it believes the economy has now turned a corner.

Source: CBC News November 28, 2016 14:42 UTC