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Canada: Selected Issues Paper International Monetary Fund

Canada: Selected Issues Paper

International Monetary Fund

Published December 22nd 2010
ISBN : 9786613873408
ebook
53 pages
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 About the Book 

1. Canadian house prices recovered strongly in the post-crisis era but recently stalled. After falling by over 10 percent from their pre-crisis peak levels, Canadian Real Estate Association (CREA) existing house prices have recovered rapidlyMore1. Canadian house prices recovered strongly in the post-crisis era but recently stalled. After falling by over 10 percent from their pre-crisis peak levels, Canadian Real Estate Association (CREA) existing house prices have recovered rapidly following the financial crisis, rising by over 20 percent from their 2008Q4 trough levels.2 However, since end-March 2010, house price increases have come to a halt, with prices stabilizing or falling slightly. Across regions, Quebec essentially experienced no declines in house prices even during the crisis, while western provinces suffered double-digit price losses during the crisis, partly reflecting the downward pressures on commodity prices. Ontario and British Columbia experienced rapid house price increases of around 20 percent on average since their crisis-related trough levels, ahead of the introduction of the harmonized sales tax.