Mikael Khan

Director

Contact

Director
Financial Stability
Real Sector Stability

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

Latest

Home Equity Extraction and Household Spending in Canada

Staff Analytical Note 2019-27 Anson T. Y. Ho, Mikael Khan, Monica Mow, Brian Peterson
We use rich microdata to measure home equity extraction in Canada and track its evolution over time. We find home equity extraction has been rising in recent years and has likely contributed materially to dynamics in household spending.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Financial stability, Housing JEL Code(s): D, D1, D12, E, E2, E21, G, G2, G20

The Formation of House Price Expectations in Canada: Evidence from a Randomized Information Experiment

Staff Analytical Note 2019-24 Marc-André Gosselin, Mikael Khan, Matthieu Verstraete
We conduct a randomized information experiment leveraging the Canadian Survey of Consumer Expectations. We provide causal evidence that respondents revise both their short and medium term expectations of future house price growth in a way that is consistent with observed short-term momentum in house prices. However, empirically, house price growth tends to revert to its mean in the medium term.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Financial stability, Housing JEL Code(s): C, C9, D, D8, D84, R, R2, R21

Disentangling the Factors Driving Housing Resales

Staff Analytical Note 2019-12 Mikael Khan, Taylor Webley
We use a recently developed model and loan-level micro data to decompose movements in housing resales since 2015. We find that fundamental factors, namely housing affordability and full-time employment, have had offsetting effects on resales over our study period.

Non-Resident Taxes and the Role of House Price Expectations

Staff Analytical Note 2019-8 Mikael Khan, Matthieu Verstraete
In recent years, the governments of Ontario and British Columbia have imposed taxes on purchases by non-Canadian residents of residential properties in certain jurisdictions.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Financial stability, Housing JEL Code(s): D, D8, D84, R, R2, R21

Personal Experiences and House Price Expectations: Evidence from the Canadian Survey of Consumer Expectations

Staff Analytical Note 2018-8 Mikael Khan, Matthieu Verstraete
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.

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Education

  • M.A. (Economics), Queen’s University (2011)
  • B.A. (Economics), Queen’s University (2009)

Research Interests

  • Macroeconomics
  • Monetary Economics

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