Cover IMF Working Papers
Canadian Residential Mortgage Markets: Boring But Effective?
Author:
Mr. John Kiff
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https://orcid.org/0000-0002-0473-0831
Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 130
Language:
English
Publication Date:
01 Jun 2009
DOI:
https://doi.org/10.5089/9781451872774.001
ISBN:
9781451872774
ISSN:
1018-5941
Pages:
17
Keywords:
WP; covered bond; loan; bank; mortgage rate; closed mortgage; rate; Housing; mortgage; regulations; rate lock-in; borrower mortgage accessibility; cost comparison; mortgage market; fixed-rate mortgage; covered bond program; bank lender; securitization rate; loan quality; mortgage insurer; mortgage accessibility; Fixed-Term mortgage rates; Mortgages; Loans; Residential mortgages; Covered bonds; Insurance; Europe
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2009: Issue 130