R3 - Real Estate Markets, Production Analysis, and Firm Location - Bank of Canada
https://www.bankofcanada.ca/rss-feeds/
Bank of Canada RSS Feedsen2024-03-29T02:12:14+00:00Predicting Changes in Canadian Housing Markets with Machine Learning
https://www.bankofcanada.ca/2023/09/staff-discussion-paper-2023-21/
We apply two machine learning algorithms to forecast monthly growth of house prices and existing homes sales in Canada. Although the algorithms can sometimes outperform a linear model, the improvement in forecast accuracy is not always statistically significant.2023-09-29T13:04:48+00:00enPredicting Changes in Canadian Housing Markets with Machine Learning2023-09-29Econometric and statistical methodsFinancial marketsHousingStaff Discussion Paper 2023-21https://www.bankofcanada.ca/wp-content/uploads/2023/09/sdp2023-21.pdfStaff Discussion Paper 2023-21Johan BrannlundHelen LaoMaureen MacIsaacJing YangSeptember 2023ACC4C45C5C53DD2RR2R3Unpacking Moving: A Quantitative Spatial Equilibrium Model with Wealth
https://www.bankofcanada.ca/2023/06/staff-working-paper-2023-34/
We propose a model to understand low observed migration rates by considering the interaction between location and wealth decisions. We look at different policies and find that temporary moving vouchers only slightly increase welfare, while lower housing regulations can decrease the welfare gap by lowering house prices nationwide.2023-06-12T10:32:23+00:00enUnpacking Moving: A Quantitative Spatial Equilibrium Model with Wealth2023-06-12HousingRegional economic developmentsStaff Working Paper 2023-34https://www.bankofcanada.ca/wp-content/uploads/2023/06/swp2023-34.pdfStaff Working Paper 2023-34Elisa GiannoneQi LiNuno PaixaoXinle PangJune 2023GG5G51RR1R12R13R2R3R31R5R52House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data
https://www.bankofcanada.ca/2022/09/staff-working-paper-2022-39/
Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response.2022-09-20T08:15:42+00:00enHouse Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data2022-09-20HousingInflation and pricesInterest ratesMonetary policy transmissionStaff Working Paper 2022-39https://www.bankofcanada.ca/wp-content/uploads/2022/09/swp2022-39.pdfHouse Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings DataDenis GoreaOleksiy KryvtsovMarianna KudlyakSeptember 2022EE5E52RR2R21R3R31Analyzing the house price boom in the suburbs of Canada’s major cities during the pandemic
https://www.bankofcanada.ca/2022/06/staff-analytical-note-2022-7/
We assess how location affects house prices in Canada. The gap in prices between suburbs and downtown was closing gradually before the pandemic. The gap has been closing faster since spring 2020. This finding reflects a shift in preferences toward more living space.2022-06-20T10:00:06+00:00enAnalyzing the house price boom in the suburbs of Canada’s major cities during the pandemic2022-06-20Housing demand in Canada: A novel approach to classifying mortgaged homebuyers
https://www.bankofcanada.ca/2022/01/staff-analytical-note-2022-1/
We introduce a novel approach to categorize mortgaged homebuyers into first-time homebuyers, repeat homebuyers and investors. We show how these groups contribute to activity in Canadian housing markets, and we analyze the differences in their demographic and financial characteristics.2022-01-13T10:00:50+00:00enHousing demand in Canada: A novel approach to classifying mortgaged homebuyers2022-01-13Canadian housing supply elasticities
https://www.bankofcanada.ca/2021/09/staff-analytical-note-2021-21/
We explain how housing supply elasticities for Canadian cities are estimated. The procedure we use exploits the systematic differences in various cities’ sensitivity to regional house-price cycles.2021-09-10T10:22:35+00:00enCanadian housing supply elasticities2021-09-10Detecting exuberance in house prices across Canadian cities
https://www.bankofcanada.ca/2021/05/staff-analytical-note-2021-9/
We introduce a model to detect periods of extrapolative house price expectations across Canadian cities. The House Price Exuberance Indicator can be updated on a quarterly basis to support the Bank of Canada’s broader assessment of housing market imbalances.2021-05-20T10:00:32+00:00enDetecting exuberance in house prices across Canadian cities2021-05-20Examining the Impact of Home Purchase Restrictions on China’s Housing Market
https://www.bankofcanada.ca/2021/04/staff-working-paper-2021-18/
How do “cooling measures” in the housing market—policies aimed to stabilize prices—affect the market? We use a structural model of housing demand and price competition among developers to evaluate China’s home purchase restriction policies implemented in 2010–11.2021-04-07T12:30:51+00:00enExamining the Impact of Home Purchase Restrictions on China’s Housing Market2021-04-07HousingMarket structure and pricingStaff Working Paper 2021-18https://www.bankofcanada.ca/wp-content/uploads/2021/04/swp2021-18.pdfExamining the Impact of Home Purchase Restrictions on China’s Housing MarketZhentong LuSisi ZhangJian HongApril 2021OO1O18RR3R31R38How Do Mortgage Rate Resets Affect Consumer Spending and Debt Repayment? Evidence from Canadian Consumers
https://www.bankofcanada.ca/2020/05/staff-working-paper-2020-18/
We study the causal effect of mortgage rate changes on consumer spending, debt repayment and defaults during an expansionary and a contractionary monetary policy episode in Canada. We find asymmetric responses of consumer durable spending, deleveraging and defaults. These findings help us to understand household sector response to interest rate changes.2020-05-19T11:51:53+00:00enHow Do Mortgage Rate Resets Affect Consumer Spending and Debt Repayment? Evidence from Canadian Consumers2020-05-19Credit and credit aggregatesInterest ratesMonetary policyMonetary policy transmissionStaff Working Paper 2020-18https://www.bankofcanada.ca/wp-content/uploads/2020/05/swp2020-18.pdfStaff Working Paper 2020-18Katya KartashovaXiaoqing ZhouMay 2020DD1D12D14EE4E43E5E52GG2G21RR3R31The Effect of Mortgage Rate Resets on Debt: Evidence from TransUnion (Part I)
https://www.bankofcanada.ca/2020/02/staff-analytical-note-2020-2/
This note studies how decreases in mortgage rates affect the behaviour of borrowers in terms of spending on durable goods and repaying debt.2020-02-10T12:09:47+00:00enThe Effect of Mortgage Rate Resets on Debt: Evidence from TransUnion (Part I)2020-02-10