Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/303176 
Year of Publication: 
2024
Series/Report no.: 
Bank of Canada Staff Working Paper No. 2024-28
Publisher: 
Bank of Canada, Ottawa
Abstract: 
In many countries, the cost of housing has greatly outpaced income growth, leading to a housing affordability crisis. Leveraging Canadian loan-level data and quasi-experimental variation in payment-to-income constraints, we document an increasing reliance of first-time homebuyers on financial help from their parents, through mortgage co-signing. We show that parental support can effectively relax borrowing constraints-potentially to riskier borrowers.
Subjects: 
Housing
Financial services
Financial system regulation and policies
JEL: 
G51
D64
E21
G18
E24
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.