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

Author: Evridiki Tsounta; International Monetary Fund. Western Hemisphere Department.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2009
Series: IMF working paper, WP/09/235.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
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  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Tsounta, Evridiki.
Is the Canadian housing market overvalued?
[Washington, D.C.] : International Monetary Fund, ©2009
(OCoLC)546865894
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Evridiki Tsounta; International Monetary Fund. Western Hemisphere Department.
OCLC Number: 609993476
Description: 1 online resource (20 pages : illustrations (some color)).
Contents: I. Introduction --
II. Recent housing market developments --
A. The run-up in house prices and construction --
B. Reversal in house prices --
III. Macrofinancial linkages from the housing market --
IV. Existing literature --
V. Econometric model and results --
VI. Conclusions --
References.
Series Title: IMF working paper, WP/09/235.
Responsibility: Evridiki Tsounta.
More information:

Abstract:

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.

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