LEADER 04248oam 22009494 450 001 9910957532003321 005 20250426110737.0 010 $a9786612844362 010 $a9781462339617 010 $a1462339611 010 $a9781451873825 010 $a1451873824 010 $a9781282844360 010 $a1282844369 010 $a9781452729879 010 $a1452729875 035 $a(CKB)3170000000055367 035 $a(SSID)ssj0000941855 035 $a(PQKBManifestationID)11543934 035 $a(PQKBTitleCode)TC0000941855 035 $a(PQKBWorkID)10971974 035 $a(PQKB)10925793 035 $a(OCoLC)609993476 035 $a(MiAaPQ)EBC1608848 035 $a(IMF)WPIEE2009235 035 $a(IMF)WPIEA2009235 035 $aWPIEA2009235 035 $a(CaBNVSL)gtp00539362 035 $a(CaOOCEL)221246 035 $a(VaAlCD)20.500.12592/tfbts1 035 $a(EXLCZ)993170000000055367 071 60$a221246$bCaOOCEL$q(Public Documents) 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aIs the Canadian Housing Market Overvalued? A Post-crisis Assessment /$fEvridiki Tsounta 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a20 p. $cill 225 1 $aIMF Working Papers 300 $a"October 2009." 311 08$a9781451918007 311 08$a1451918003 320 $aIncludes bibliographical references (p. 13-14). 327 $aIntro -- Contents -- I. Introduction -- II. Recent Housing Market Developments -- A. The Run-up in House Prices and Construction -- B. Reversal in House Prices -- III. Macrofinancial Linkages from the Housing Market -- IV. Existing Literature -- V. Econometric Model and Results -- VI. Conclusions -- References -- Figures -- 1. Canada. Cummulative Increase in Resale House Prices -- 2. G-7. Price-to-income and price-to-rent ratios, 1970-2009 -- 3. Select Eastern Canadian Provinces: House Price Over/Undervaluation, 1993Q1-2009Q2 -- 4. Select Western Canadian Provinces: House Price Over/Udnervaluation, 1993Q1-2009Q2 -- Tables -- 1. Real Prices of New Houses and Land, 1995-2009Q2 -- 2. Determinants of House Prices in Select Canadian Provinces. 330 3 $aCanadian house prices have increased significantly between 2003 and early 2008, with a marked downward trend since mid-2008, especially in the resource-rich western provinces. This paper estimates the evolution of equilibrium real home prices during this period in key provinces and finds that, following recent declines, home prices are now generally close to equilibrium throughout Canada. However, house prices in Alberta and British Columbia remain around 8 percent overvalued at the end of the sample (second quarter of 2009). Despite the limitations of econometric estimates of house-price dynamics, the measured small degree of overvaluation suggests that the Canadian housing market is essentially at equilibrium. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/235 606 $aHousing$xEconometric models$zCanada 606 $aHousing$xPrices$zCanada 606 $aAlberta$2Iptcnc 606 $aBank$2Iptcnc 606 $aBusiness$2Iptcnc 606 $aBusiness cycle$2Iptcnc 606 $aCanada$2Iptcnc 606 $aConsumer price index$2Iptcnc 606 $aCredit (finance)$2Iptcnc 606 $aDebt$2Iptcnc 606 $aEconomic equilibrium$2Iptcnc 606 $aEconomic growth$2Iptcnc 615 0$aHousing$xEconometric models. 615 0$aHousing$xPrices 615 7$aAlberta 615 7$aBank 615 7$aBusiness 615 7$aBusiness cycle 615 7$aCanada 615 7$aConsumer price index 615 7$aCredit (finance) 615 7$aDebt 615 7$aEconomic equilibrium 615 7$aEconomic growth 676 $a301.5;301.540971 700 $aTsounta$b Evridiki$01815939 712 02$aInternational Monetary Fund.$bWestern Hemisphere Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910957532003321 996 $aIs the Canadian Housing Market Overvalued? A Post-crisis Assessment$94372394 997 $aUNINA