Household debt levels in Canada are higher than in any other country, according to a report by the Organization for Economic Cooperation and Development (OECD).

In a preliminary version of the report, set to be released fully next month, the OECD found Canada's household debt ranked as the highest among the 35 developed and developing countries the group monitors.

The rapid accumulation of household debt for Canadians could also leave its economy particularly vulnerable to shocks, the organization said.

"Although in part this reflects strong population growth, these developments may entail significant risk to financial stability given the direct exposure of the financial system to the housing market," the OECD said.