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Canadian Residential Mortgage Markets: Boring But Effective?
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Author/Editor: |
Kiff, John |
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June 1, 2009 |
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Electronic Access: |
Free Full Text (PDF file size is 518KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: 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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Series: |
Working Paper No. 09/130 |
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Subject(s): |
Bank regulations | Banking sector | Borrowing | Canada | Cross country analysis | Financial systems | Housing | Interest rates | Loans | United States |
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Author's keyword(s): |
Housing | mortgage | regulations |
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Published: |
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June 1, 2009 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2009130 |
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Pages: |
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17 |
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Price: |
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US$18.00 (Academic Rate: US$18.00 )
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