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Can the characteristics of new mortgages predict borrowers’ financial stress? Insights from the 2014 oil price decline

Author

Listed:
  • Olga Bilyk
  • Ken Chow
  • Yang Xu

Abstract

We study the relationship between characteristics of new mortgages and borrowers’ financial stress in Canada’s energy-intensive regions following the 2014 collapse in oil prices. We find that borrowers with limited home equity were more likely to have difficulty repaying debt.

Suggested Citation

  • Olga Bilyk & Ken Chow & Yang Xu, 2021. "Can the characteristics of new mortgages predict borrowers’ financial stress? Insights from the 2014 oil price decline," Staff Analytical Notes 2021-22, Bank of Canada.
    • Handle: RePEc:bca:bocsan:21-22
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    File URL: https://www.bankofcanada.ca/2021/09/staff-analytical-note-2021-22/
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    More about this item

    Keywords

    Credit and credit aggregates; Econometric and statistical methods; Financial stability; Housing;
    All these keywords.

    JEL classification:

    • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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