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OTTAWA — Canada’s housing regulations should be further tightened and regionally targeted to help cool real estate markets that are booming in some of its major cities, a report from the OECD recommended on Monday.

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Despite warnings from the governor of the Bank of Canada that real estate are overvalued — at least in Toronto and Vancouver — more people believe the value of their homes will continue to rise, a Nanos poll has found









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A disorderly housing market correction, particularly in Toronto and Vancouver, remains the main domestic downside risk to Canada’s economic outlook, the Organisation for Economic Co-operation and Development said.

Vulnerabilities related to housing and high household debt are still increasing, though at a slower pace, the report found.

Canadian authorities have taken steps to shore up the housing market, but further regionally focused measures should be considered, it said.