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Where Credit is Due: Residential Mortgage Finance in Canada, 1901 to 1954

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  • Harris, Richard
  • Ragonetti, Doris

Abstract

The experience of Canada in the first half of this century indicates that the importance of institutional mortgage lending for the growth of homeownership can be overstated. Home ownership rates in Canada and the United States were similar, but many fewer Canadians than Americans relied on lending institutions. Fewer incurred debt of any sort. A case study of Hamilton, Ontario, based on land titles records indicates that this was especially true during the interwar years. No Canadians lived in large metropolitan areas, where mortgage debt was most prevalent, while many built in stages as their finances allowed. Moreover, even in the early 1950s, half of all residential mortgage debt in Canada was held by private individuals, with brokers playing an important role. Despite the importance of the personal sector, above all in the markets for older homes and junior mortgages, the Canadian government made no effort to improve the way in which it operated. Copyright 1998 by Kluwer Academic Publishers

Suggested Citation

  • Harris, Richard & Ragonetti, Doris, 1998. "Where Credit is Due: Residential Mortgage Finance in Canada, 1901 to 1954," The Journal of Real Estate Finance and Economics, Springer, vol. 16(2), pages 223-238, March.
    • Handle: RePEc:kap:jrefec:v:16:y:1998:i:2:p:223-38
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    Citations

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    Cited by:

    1. Richard Harris, 1999. "Housing and Social Policy: An Historical Perspective on Canadian-American Differences—A Comment," Urban Studies, Urban Studies Journal Limited, vol. 36(7), pages 1169-1175, June.
    2. Mr. John Kiff, 2009. "Canadian Residential Mortgage Markets: Boring But Effective?," IMF Working Papers 2009/130, International Monetary Fund.
    3. Richard Harris & Doris Forrester, 2003. "The Suburban Origins of Redlining: A Canadian Case Study, 1935-54," Urban Studies, Urban Studies Journal Limited, vol. 40(13), pages 2661-2686, December.
    4. Alan Walks, 2014. "Canada's Housing Bubble Story: Mortgage Securitization, the State, and the Global Financial Crisis," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 38(1), pages 256-284, January.
    5. James A. Brox, 2010. "Canadian Banks and the North American Housing Crisis," Chapters, in: Benton E. Gup (ed.), The Financial and Economic Crises, chapter 3, Edward Elgar Publishing.
    6. Blackwell, Timothy & Kohl, Sebastian, 2017. "Varieties of housing finance in historical perspective: The impact of mortgage finance systems on urban structures and homeownership," MPIfG Discussion Paper 17/2, Max Planck Institute for the Study of Societies.

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