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Gauging Housing Supply in Canada: A Stock Approach
Author:
Julien Reynaud
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Series:
IMF Working Papers
Volume/Issue:
Volume 2015: Issue 128
Language:
English
Publication Date:
22 Jun 2015
DOI:
https://doi.org/10.5089/9781513577784.001
ISBN:
9781513577784
ISSN:
1018-5941
Pages:
17
Keywords:
WP; housing stock; excess supply; Housing; Real Estate; Canada; resale housing price movement; stock model; stock equilibrium; housing unit; Stocks; Housing prices
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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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This paper estimates Canada’s housing stock to gauge the supply-side component of the recent exuberance in the Canadian housing sector. The paper adds to the current related literature by focusing on housing units and reconstructing housing stock and households series. An error correction model is estimated at the provincial level over the period 1980-2013 to estimate a measure of housing stock desequilibrium. The model predicts an excess supply in the order of ½ percent above the housing stock level consistent with fundamentals as of 2013.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund