Is the Canadian housing market overvalued? : a post-crisis assessment /

Canadian house prices have increased significantly between 2003 and early 2008, with a marked downward trend since mid-2008, especially in the resource-rich western provinces. This paper estimates the evolution of equilibrium real home prices during this period in key provinces and finds that, follo...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Tsounta, Evridiki (Autor)
Autor Corporativo: International Monetary Fund. Western Hemisphere Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, ©2009
Colección:IMF working paper ; WP/09/235.
Temas:
Housing > Canada > Econometric models.
Housing > Prices > Canada > Econometric models.
Logement > Prix > Canada > Modèles économétriques.
Housing > Econometric models
Housing > Prices > Econometric models
Alberta.
Bank.
Business.
Business cycle.
Canada.
Consumer price index.
Credit (finance)
Debt.
Economic equilibrium.
Economic growth.
Canada
Banks
Credit
Debt
Downturn
Economy, business and finance
Economy, business and finance > Business information > Business finance
Economy, business and finance > Economy
Economy, business and finance > Economy > Macro economics > Inflation
Economy, business and finance > Economy > Macro economics > Investments
Economy, business and finance > Economy > Macro economics > Mortgage
Economy, business and finance > Economy > Macro economics > Recession
Economy, business and finance > Market and exchange > Loan market
Economy, business and finance > Market and exchange > Loan market > Loans
Foreclosures
Inflation
Loan-to-value ratio
Mortgage
Mortgage debt
Mortgages
Prices
Acceso en línea:Texto completo
Descripción
Sumario:Canadian house prices have increased significantly between 2003 and early 2008, with a marked downward trend since mid-2008, especially in the resource-rich western provinces. This paper estimates the evolution of equilibrium real home prices during this period in key provinces and finds that, following recent declines, home prices are now generally close to equilibrium throughout Canada. However, house prices in Alberta and British Columbia remain around 8 percent overvalued at the end of the sample (second quarter of 2009). Despite the limitations of econometric estimates of house-price dynamics, the measured small degree of overvaluation suggests that the Canadian housing market is essentially at equilibrium.
Descripción Física:1 online resource (20 pages : illustrations (some color)).
Bibliografía:Includes bibliographical references (pages 13-14).
ISBN:1451918003
9781451918007
ISSN:2227-8885
2227-8885 ;

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