Housing
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June 7, 2018 Release of the Financial System Review
Press conference following the release of the Financial System Review. -
Housing Price Network Effects from Public Transit Investment: Evidence from Vancouver
In this paper, we estimate the effect on housing prices of the expansion of the Vancouver SkyTrain rapid transit network during the period 2001–11. We extend the canonical residential sorting equilibrium framework to include commuting time in the household utility function. -
Personal Experiences and House Price Expectations: Evidence from the Canadian Survey of Consumer Expectations
In this work, we use novel Canadian survey data to study how expectations of future changes in house prices are influenced by personal experiences. We find that recently experienced changes in local house prices are routinely extrapolated into expectations of year-ahead changes in national house prices. -
Home Equity Extraction and the Boom-Bust Cycle in Consumption and Residential Investment
The consumption boom-bust cycle in the 2000s coincided with large fluctuations in the volume of home equity borrowing. Contrary to conventional wisdom, I show that homeowners largely borrowed for residential investment and not consumption. -
December 14, 2017 Three Things Keeping Me Awake at Night
Governor Stephen S. Poloz discusses his long-term economic preoccupations now that the Canadian economy has nearly completed its journey home. -
November 28, 2017 Release of the Financial System Review
Press conference following the release of the Financial System Review. -
The Rise of Non-Regulated Financial Intermediaries in the Housing Sector and its Macroeconomic Implications
I examine the impact of non-regulated lenders in the mortgage market using a dynamic stochastic general equilibrium (DSGE) model. My model features two types of financial intermediaries that differ in three ways: (i) only regulated intermediaries face a capital requirement, (ii) non-regulated intermediaries finance themselves by selling securities and cannot accept deposits, and (iii) non-regulated intermediaries face a more elastic demand. -
June 8, 2017 Release of the Financial System Review
Press conference following the release of the Financial System Review. -
April 12, 2017 Monetary Policy Report Press Conference Opening Statement
Senior Deputy Governor Carolyn A. Wilkins discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. -
Terms-of-Trade and House Price Fluctuations: A Cross-Country Study
Terms-of-trade shocks are known to be key drivers of business cycles in open economies. This paper argues that terms-of-trade shocks were also important for house price fluctuations in a panel of developed countries over the 1994–2015 period.