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dc.contributor.authorDupuis, Daviden_US
dc.contributor.authorZheng, Yien_US
dc.date.accessioned2010-08-25en_US
dc.date.accessioned2011-12-15T12:58:54Z-
dc.date.available2011-12-15T12:58:54Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/53968-
dc.description.abstractUsing an error-correction model (ECM) framework, the authors attempt to quantify the degree of disequilibrium in Canadian housing stock over the period 1961-2008 for the national aggregate and over 1981-2008 for the provinces. They find that, based on quarterly data, the level of housing stock in the long run is associated with population, real per capita disposable income, and real house prices. Population growth (net migration, particularly for the western provinces) is also an important determinant of the short-run dynamics of housing stock, after controlling for serial correlation in the dependent variable. Real mortgage rates, consumer confidence, and a number of other variables identified in the literature are found to play a small role in the short run. The authors' model suggests that the Canadian housing stock was 2 per cent above its equilibrium level at the end of 2008. There was likely overbuilding, to varying degrees, in Saskatchewan, New Brunswick, British Columbia, Ontario, and Quebec.en_US
dc.language.isoengen_US
dc.publisherBank of Canada Ottawaen_US
dc.relation.ispartofseriesBank of Canada Working Paper 2010,19en_US
dc.subject.jelE21en_US
dc.subject.jelJ00en_US
dc.subject.ddc330en_US
dc.subject.keywordDomestic demand and componentsen_US
dc.subject.stwImmobilienmarkten_US
dc.subject.stwWohnungsversorgungen_US
dc.subject.stwBevölkerungsentwicklungen_US
dc.subject.stwInternationale Wanderungen_US
dc.subject.stwKanadaen_US
dc.titleA model of housing stock for Canadaen_US
dc.typeWorking Paperen_US
dc.identifier.ppn63377149Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Bank of Canada Working Papers

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