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Canadian Residential Mortgage Markets; Boring But Effective?

  • John Kiff

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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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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  1. 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.
  2. 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.
  3. Freedman, C., 1998. "The Canadian Banking System," Technical Reports 81, Bank of Canada.
  4. Vladimir Klyuev, 2008. "Show Me the Money; Access to Finance for Small Borrowers in Canada," IMF Working Papers 08/22, International Monetary Fund.
  5. 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 223-38, March.
  6. Keith P. Sharp, 1986. "Mortgage Rate Insurance in Canada," Canadian Public Policy, University of Toronto Press, vol. 12(3), pages 432-437, September.
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