A soon to be released report from the Organization for Economic Co-operation and Development says while most countries have seen their debt levels decrease in the years following the financial crisis of 2007, that’s not the case for Canada.

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The OECD says household debt in Canada and some Scandinavian countries has ”continued to rise from high levels.”

When expressed as a percentage of the size of the economy, Canada is the world leader in household debt.

Much of it is tied to real estate which the OECD adds is not good.

”Research points to a number of links between high indebtedness and the risks of severe recessions”.

The organization says house prices in Canada are at least 50% overvalued compared to what homeowners can charge in rent.