Canadian Residential Mortgage Markets: Boring But Effective?
AbstractKlyuev (2008) concluded that the Canadian market for housing finance is highly advanced and sophisticated, but financing options were somewhat limited, particularly at terms longer than five years. This paper argues that the paucity of longer-term loans is caused by a five-year maturity cap on government-guaranteed deposit insurance, and a prepayment penalty limit on residential mortgage loans in the Interest Act. That said, the availability and cost of residential loans for prime borrowers are comparable to those in the United States.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 09/130.
Date of creation: 01 Jun 2009
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-10-10 (All new papers)
- NEP-REG-2009-10-10 (Regulation)
- NEP-URE-2009-10-10 (Urban & Real Estate Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Freedman, C., 1998. "The Canadian Banking System," Technical Reports 81, Bank of Canada.
- Vladimir Klyuev, 2008. "Show Me the Money: Access to Finance for Small Borrowers in Canada," IMF Working Papers 08/22, International Monetary Fund.
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- Ehsan U. Choudhri & Lawrence L. Schembri, 2013. "A Tale of Two Countries and Two Booms, Canada and the United States in the 1920s and the 2000s: The Roles of Monetary and Financial Stability Policies," Working Paper Series 44_13, The Rimini Centre for Economic Analysis.
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