Housing

• August 25, 2015

  The Long-Term Evolution of House Prices: An International Perspective

  Remarks Lawrence L. Schembri Canadian Association for Business Economics Kingston, Ontario

  Deputy Governor Lawrence Schembri discusses the international evidence of underlying determinants of long-term movements in house prices.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies, Housing, International topics, Sectoral balance sheet

• On the Welfare Cost of Rare Housing Disasters

  Staff Working Paper 2015-26 Shaofeng Xu

  This paper examines the welfare cost of rare housing disasters characterized by large drops in house prices. I construct an overlapping generations general equilibrium model with recursive preferences and housing disaster shocks.

  Content Type(s): Staff research, Staff working papers Topic(s): Asset pricing, Economic models, Housing JEL Code(s): E, E2, E21, E4, E44, G, G1, G11, R, R2, R21
• June 11, 2015

  Release of the Financial System Review

  Opening statement Stephen S. Poloz Ottawa, Ontario

  Press conference following the release of the Financial System Review.

  Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies, Housing, Regional economic developments, Sectoral balance sheet

• Addressing Household Indebtedness: Monetary, Fiscal or Macroprudential Policy?

  Staff Working Paper 2014-58 Sami Alpanda, Sarah Zubairy

  In this paper, we build a dynamic stochastic general-equilibrium model with housing and household debt, and compare the effectiveness of monetary policy, housing-related fiscal policy, and macroprudential regulations in reducing household indebtedness.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Financial system regulation and policies, Housing, Monetary policy transmission JEL Code(s): E, E5, E52, E6, E62, R, R3, R38

• International House Price Cycles, Monetary Policy and Risk Premiums

  Staff Working Paper 2014-54 Gregory Bauer

  Using a panel logit framework, the paper provides an estimate of the likelihood of a house price correction in 18 OECD countries. The analysis shows that a simple measure of the degree of house price overvaluation contains a lot of information about subsequent price reversals.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Housing JEL Code(s): C, C2, E, E4, E43, R, R2, R21
• November 4, 2014

  Housing Finance in Canada: Looking Back to Move Forward

  Lawrence L. Schembri

  The Canadian system of housing finance proved to be resilient and efficient during the global financial crisis and its aftermath. The system’s effectiveness is the result of a rigorous prudential regulatory and supervisory regime coupled with targeted government guarantees of mortgage insurance and securitization products.

  Topic(s): Housing JEL Code(s): G21, R31, R38

• Housing and Tax Policy

  Staff Working Paper 2013-33 Sami Alpanda, Sarah Zubairy

  In this paper, we investigate the effects of housing-related tax policy measures on macroeconomic aggregates using a dynamic general-equilibrium model.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Fiscal policy, Housing JEL Code(s): E, E6, E62, H, H2, H24, R, R3, R38