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Is the Canadian Housing Market Overvalued? A Post-crisis Assessment, Evridiki Tsounta

Abstract
Canadian 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
Language
eng
Literary Form
non fiction
Note
"October 2009."
Physical Description
20 p., ill.
Specific Material Designation
remote
Form Of Item
online
Isbn
9781462339617

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