November 19, 2019 Financial Stability in an Uncertain World (Full Remarks) Remarks Carolyn A. Wilkins International Finance Club of Montréal Montréal, Quebec Senior Deputy Governor Carolyn A. Wilkins provides an update on the Canadian financial system and discusses measures in place that increase its resilience in a challenging global environment. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Climate change, Financial institutions, Financial stability, Financial system regulation and policies, Housing, Trade integration
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
May 16, 2019 Release of the Financial System Review Opening statement Stephen S. Poloz Ottawa, Ontario Press conference following the release of the Financial System Review. Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Climate change, Credit and credit aggregates, Financial stability, Financial system regulation and policies, Housing, Regional economic developments, Sectoral balance sheet
May 6, 2019 Risk Sharing, Flexibility and the Future of Mortgages Remarks Stephen S. Poloz Canadian Credit Union Association and Winnipeg Chamber of Commerce Winnipeg, Manitoba Governor Poloz talks about Canada’s housing market and how the mortgage market could evolve to give Canadians more choice, make the economy more flexible and lower the level of financial system risk. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Financial services, Financial stability, Housing, Recent economic and financial developments, Trade integration
May 6, 2019 Poloz talks mortgages: Innovation could improve flexibility Speech summary Stephen S. Poloz Canadian Credit Union Association and the Winnipeg Chamber of Commerce Winnipeg, Manitoba Stephen S. Poloz, Governor of the Bank of Canada, speaks before the Canadian Credit Union Association and the Winnipeg Chamber of Commerce. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Financial services, Financial stability, Housing, Recent economic and financial developments, Trade integration
Disentangling the Factors Driving Housing Resales Staff Analytical Note 2019-12 Mikael Khan, Taylor Webley We use a recently developed model and loan-level microdata 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. Content Type(s): Staff research, Staff analytical notes Topic(s): Econometric and statistical methods, Financial stability, Financial system regulation and policies, Housing, Recent economic and financial developments JEL Code(s): C, C2, C22, E, E2, R, R2, R21
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
March 7, 2019 Economic Progress Report: Sensible Shifts in Household Spending Remarks Lynn Patterson Hamilton Chamber of Commerce Hamilton, Ontario Deputy Governor Lynn Patterson discusses updates on the economy and reviews the latest interest rate decision. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Housing, Inflation and prices, Recent economic and financial developments
March 7, 2019 Spending shifts and consumer caution Speech summary Lynn Patterson Hamilton Chamber of Commerce Hamilton, Ontario Speaking a day after we decided to hold interest rates unchanged, Deputy Governor Lynn Patterson discussed the key points Governing Council considered in their decision. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Housing, Inflation and prices, Recent economic and financial developments