Fixing the Housing Market: Financial Innovations for the Future (Gal Zentner's Library) by Franklin Allen & James R. Barth & Glenn R. Yago

Author:Franklin Allen & James R. Barth & Glenn R. Yago
Language: eng
Format: epub
Publisher: Pearson Prentice Hall
Published: 2012-06-28T16:00:00+00:00

Note: The rate for Canada in 2010 is an estimate from Scotia Economics.

Sources: Statistics Canada, U.S. Census Bureau.

Figure 3.18 Homeownership rates in Canada and the United States.

Sources: S&P Case-Shiller/Fiserv, Bank of Canada, Royal LePage (Q2-2010).

Figure 3.19 Canada and U.S. home prices (year-over-year percentage change).

In terms of residential delinquency rates, Figure 3.20 shows that the United States performed far worse than Canada during the global financial crisis. Indeed, the delinquency rate for Canada has remained relatively flat over the entire past decade. This is in sharp contrast to the tremendous rise in the delinquency rate beginning in 2007 in the United States. The question is why the Canadian housing market did not perform in the same troublesome way as the U.S. market, given that both countries have the same general pattern in homeownership rates.

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