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Canadian Residential Mortgage Markets: Boring But Effective?

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Author Info

  • John Kiff

Abstract

Klyuev (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 Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/130.

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Length: 17
Date of creation: 01 Jun 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/130

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Related research

Keywords: Housing; Banking sector; Borrowing; Financial systems; Interest rates;

This paper has been announced in the following NEP Reports:

References

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  1. Keith P. Sharp, 1986. "Mortgage Rate Insurance in Canada," Canadian Public Policy, University of Toronto Press, vol. 12(3), pages 432-437, September.
  2. Karen M. Pence, 2006. "Foreclosing on Opportunity: State Laws and Mortgage Credit," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 177-182, February.
  3. Vladimir Klyuev, 2008. "Show Me the Money: Access to Finance for Small Borrowers in Canada," IMF Working Papers 08/22, International Monetary Fund.
  4. Freedman, C., 1998. "The Canadian Banking System," Technical Reports 81, Bank of Canada.
  5. Paul S. Mills & John Kiff, 2007. "Money for Nothing and Checks for Free: Recent Developments in U.S. Subprime Mortgage Markets," IMF Working Papers 07/188, International Monetary Fund.
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Citations

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Cited by:
  1. 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.
  2. Rocco Huang & Lev Ratnovski, 2009. "Why Are Canadian Banks More Resilient?," IMF Working Papers 09/152, International Monetary Fund.
  3. Evridiki Tsounta, 2011. "Home Sweet Home: Government?s Role in Reaching the American Dream," IMF Working Papers 11/191, International Monetary Fund.
  4. Evridiki Tsounta, 2009. "Is the Canadian Housing Market Overvalued? A Post-Crisis Assessment," IMF Working Papers 09/235, International Monetary Fund.

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