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What Explains Trends in Household Debt in Canada?

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    Abstract

    Similar to the experiences in many other countries, household indebtedness in Canada has exhibited an upward trend over the past 30 years. Both mortgage and non-mortgage (consumer) credit have contributed to this development. In this article, the authors use microdata to highlight the main factors underlying the strong trend increase since the late 1990s. Favourable housing affordability, owing to factors such as income growth and low interest rates, has supported significant increases in home-ownership rates and mortgage debt. Much of the rise in consumer credit has been facilitated by higher housing values (used as collateral for loans) and financial innovation that makes it easier for households to access this credit.

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    File URL: http://www.bankofcanada.ca/wp-content/uploads/2012/02/boc-review-winter11-12-crawford.pdf
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    Bibliographic Info

    Article provided by Bank of Canada in its journal Bank of Canada Review.

    Volume (Year): 2011-2012 (2011-2012)
    Issue (Month): Winter ()
    Pages: 3-15

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    Handle: RePEc:bca:bcarev:v:2012:y:2012:i:winter11-12:p:3-15

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    Cited by:
    1. Katya Kartashova & Ben Tomlin, 2013. "House Prices, Consumption and the Role of Non-Mortgage Debt," Working Papers 13-2, Bank of Canada.
    2. Ivo Krznar & James Morsink, 2014. "With Great Power Comes Great Responsibility: Macroprudential Tools at Work in Canada," IMF Working Papers 14/83, International Monetary Fund.

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