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Medium-Term Fluctuations in Canadian House Prices

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This article draws on theory and empirical evidence to examine a number of factors behind movements in Canadian house prices. It begins with an overview of the movements in house prices in Canada, using regional data to highlight factors that influence prices over the long run. It then turns to the central theme, that there are medium-run movements in prices not accounted for by long-run factors. Drawing on recent Bank of Canada research, the article discusses several factors behind these medium-run movements, including interest rates, expected price appreciation and market liquidity. The article concludes by identifying areas for future research that would further our understanding of fluctuations in house prices.

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  • Brian Peterson & Yi Zheng, 2011. "Medium-Term Fluctuations in Canadian House Prices," Bank of Canada Review, Bank of Canada, vol. 2011(Winter), pages 30-42.
  • Handle: RePEc:bca:bcarev:v:2012:y:2012:i:winter11-12:p:30-42
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    Cited by:

    1. John Muellbauer & Pierre St-Amant & David Williams, 2015. "Credit Conditions and Consumption, House Prices and Debt: What Makes Canada Different?," Staff Working Papers 15-40, Bank of Canada.
    2. Gregory Bauer, 2014. "International House Price Cycles, Monetary Policy and Risk Premiums," Staff Working Papers 14-54, Bank of Canada.

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