Canada : Selected Issues Paper

Publication Date: December 22, 2011

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Summary: Canadian housing prices are higher than levels consistent with current fundamentals in some provinces. The empirical estimates suggest that a 10 percent decline in housing prices would lead to a 1ΒΌ percent decline in private consumption. The high level of household leverage and housing prices could prove to be a source of vulnerability. The rebound in debt and housing prices after the crisis largely reflects the resilience of the financial system and the stronger economic recovery in Canada, as well as historically low interest rates.
Series: IMF Staff Country Reports
Subject(s): Banking sector | Housing | Housing prices | Public debt | Selected issues

Publication Date: December 22, 2011
ISBN/ISSN: 9781463929237/1934-7685 Format: Paper
Stock No: 1CANEA2011002 Pages: 45
US$18.00 (Academic Rate:
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