05114oam 22012254 450 991082747690332120200520144314.01-4623-4265-51-4527-5309-11-4518-7277-11-282-84344-39786612843440(CKB)3170000000055281(EBL)1608325(SSID)ssj0000940080(PQKBManifestationID)11523035(PQKBTitleCode)TC0000940080(PQKBWorkID)10948364(PQKB)10509352(OCoLC)500983363(MiAaPQ)EBC1608325(IMF)WPIEE2009130(IMF)WPIEA2009130(EXLCZ)99317000000005528120020129d2009 uf 0engurcnu||||||||txtccrCanadian Residential Mortgage Markets : Boring But Effective? /John Kiff1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (19 p.)IMF Working PapersDescription based upon print version of record.1-4519-1706-6 Includes bibliographical references.Contents; I. Introduction; II. Key Features of the Canadian Housing Finance System; III. Typical Features of Canadian Residential Mortgages; A. Canadian Mortgage Interest Rates; B. Origination and Prepayment Costs; Tables; 1. Non-Interest Rate Mortgage Cost Comparisona; C. Mortgage Insurance; IV. Prime Borrower Mortgage Funding Access; 2. Comparison of Canadian and U.S. Mortgage Insurance Premia on Prime; V. Summary and Policy Suggestions; Boxes; 1. Canadian Covered Bond Issuance; 2. CMHC Mortgage Rate Protection Program; Figures; 1. Canadian Residential Mortgages Outstanding2. Outstanding NHS MBS and CMBs3. Canadian Bank Fixed-Term Mortgage Rates; 4. Residential Mortgage Versus Interest Rate Swap Rates; 5. 90-Day+ Delinquency Rate; ReferencesKlyuev (2008) concluded that the Canadian market for housing finance is highly advanced and sophisticated, but financing options were somewhat limited, particularly at terms longer than five years. This paper argues that the paucity of longer-term loans is caused by a five-year maturity cap on government-guaranteed deposit insurance, and a prepayment penalty limit on residential mortgage loans in the Interest Act. That said, the availability and cost of residential loans for prime borrowers are comparable to those in the United States.IMF Working Papers; Working Paper ;No. 2009/130Mortgage loansCanadaHousingCanadaFinanceMortgage guarantee insuranceCanadaActuarial StudiesimfBankingimfBanks and BankingimfBanks and bankingimfBanksimfBondsimfCorporate Finance and GovernanceimfCovered bondsimfDepository InstitutionsimfEconomic Development: Financial MarketsimfFinanceimfFinancial institutionsimfGeneral Financial Markets: General (includes Measurement and Data)imfIndustries: Financial ServicesimfInsurance & actuarial studiesimfInsurance CompaniesimfInsuranceimfInvestment & securitiesimfInvestments: BondsimfLoansimfMicro Finance InstitutionsimfMortgagesimfResidential mortgagesimfSaving and Capital InvestmentimfUnited StatesimfMortgage loansHousingFinance.Mortgage guarantee insuranceActuarial StudiesBankingBanks and BankingBanks and bankingBanksBondsCorporate Finance and GovernanceCovered bondsDepository InstitutionsEconomic Development: Financial MarketsFinanceFinancial institutionsGeneral Financial Markets: General (includes Measurement and Data)Industries: Financial ServicesInsurance & actuarial studiesInsurance CompaniesInsuranceInvestment & securitiesInvestments: BondsLoansMicro Finance InstitutionsMortgagesResidential mortgagesSaving and Capital Investment338.29134Kiff John1681925International Monetary Fund.DcWaIMFBOOK9910827476903321Canadian Residential Mortgage Markets4051672UNINA