The United Nations International Monetary Fund (IMF) released a report showing that Canada has the highest risk of mortgage default in 38 "mostly advanced" economies. This is due to a combination of factors such as high household debt, inflated home prices, and more floating-rate loans. Other countries that have a high risk of mortgage default are Australia, Luxembourg, Norway, Sweden and the Netherlands. Falling home prices could improve affordability, but could also increase the risk of default.
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