Housing

• November 28, 2017

  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 Research Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies, Housing, Regional economic developments, Sectoral balance sheet

• The Rise of Non-Regulated Financial Intermediaries in the Housing Sector and its Macroeconomic Implications

  Staff Working Paper 2017-36 Hélène Desgagnés

  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.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Economic models, Financial system regulation and policies, Housing JEL Code(s): E, E3, E32, E4, E44, E47, E6, E60, G, G2, G21, G23, G28
• June 8, 2017

  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 Research Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies, Housing, Regional economic developments, Sectoral balance sheet
• April 12, 2017

  Monetary Policy Report Press Conference Opening Statement

  Opening statement Carolyn A. Wilkins Ottawa, Ontario

  Senior Deputy Governor Carolyn A. Wilkins discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

  Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Domestic demand and components, Housing, Monetary policy, Monetary policy and uncertainty, Potential output, Recent economic and financial developments

• Terms-of-Trade and House Price Fluctuations: A Cross-Country Study

  Staff Working Paper 2017-1 Paul Corrigan

  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.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability, Housing, International topics JEL Code(s): C, C3, C32, E, E3, E32, E5, E51, F, F3, F36, F4, F41

• Can the Common-Factor Hypothesis Explain the Observed Housing Wealth Effect?

  Staff Working Paper 2016-62 Narayan Bulusu, Jefferson Duarte, Carles Vergara-Alert

  The common-factor hypothesis is one possible explanation for the housing wealth effect. Under this hypothesis, house price appreciation is related to changes in consumption as long as the available proxies for the common driver of housing and non-housing demand are noisy and housing supply is not perfectly elastic.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Housing JEL Code(s): E, E2, E21, R, R3, R31
• December 15, 2016

  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 Research Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies, Housing, Regional economic developments, Sectoral balance sheet
• October 19, 2016

  Monetary Policy Report Press Conference Opening Statement

  Opening statement Stephen S. Poloz, Carolyn A. Wilkins Ottawa, Ontario

  Governor Stephen S. Poloz discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

  Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Housing, Inflation and prices, Interest rates, Monetary policy, Monetary policy and uncertainty, Recent economic and financial developments

• Household Risk Assessment Model

  Technical Report No. 106 Brian Peterson, Tom Roberts

  Household debt can be an important source of vulnerability to the financial system. This technical report describes the Household Risk Assessment Model (HRAM) that has been developed at the Bank of Canada to stress test household balance sheets at the individual level.

  Content Type(s): Staff research, Technical reports Research Topic(s): Financial stability, Housing, Sectoral balance sheet JEL Code(s): C, C0, C6, C63, C65, D, D0, D1, D14

• Assessment of the Effects of Macroprudential Tightening in Canada

  Staff Analytical Note 2016-12 Martin Kuncl

  During the period of 2008 to 2012, the rules for government-backed mortgage insurance were tightened on four occasions. In this note, we estimate the effects through a simple econometric exercise using a vector error-correction model (VECM).

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Credit and credit aggregates, Financial system regulation and policies, Housing JEL Code(s): C, C3, C32, E, E6, E65, G, G2, G28