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The Journal of Structured Finance

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Article

How the Canadian Housing Finance System Performed through the Credit Crisis: Lessons for Other Markets

John Kiff, Steven Mennill and Graydon Paulin
The Journal of Structured Finance Fall 2010, 16 (3) 44-64; DOI: https://doi.org/10.3905/jsf.2010.16.3.044
John Kiff
is a senior financial sector expert in the Global Financial Stability Division at the International Monetary Fund in Washington, DC.
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  • For correspondence: jkiff@imf.org
Steven Mennill
is the executive director of policy and research at the Canada Mortgage and Housing Corporation in Ottawa, Ontario, Canada.
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  • For correspondence: smennill@cmhc-schl.gc.ca
Graydon Paulin
is director of risk assessment and financial institutions in the Financial Stability Department at the Bank of Canada in Ottawa, Ontario, Canada.
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  • For correspondence: gpaulin@bankofcanada.ca
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Abstract

Canada’s housing finance system exhibited considerable resilience during the recent financial crisis with comparatively little reliance on extraordinary government support. Several distinctive features of Canadian public policy and regulations have had a direct impact on the performance of the housing finance system. This article has three principal sections: The first section provides an overview of Canadian residential mortgage markets, including key features of the Canadian compared to the U.S. housing finance system, a comparison of Canadian and U.S. residential house offerings, and policy implications. The second section provides an overview of Canada’s housing finance system, including relevant features of Canada’s public policy landscape, the role of the Canada Mortgage and Housing Corporation (CMHC), the role of the private sector, and current initiatives underway to improve the system. The third section shows how the Canadian financial system performed through the financial crisis, discussing the performance of the banking system, the impact of the recession on intermediation, and factors related to the banking, regulatory, and communication structures that contributed to favorable outcomes for the Canadian financial sector.

  • Copyright © 2010 International Monetary Fund. All rights reserved. Not to be reproduced or redistributed without permission.
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The Journal of Structured Finance: 16 (3)
The Journal of Structured Finance
Vol. 16, Issue 3
Fall 2010
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How the Canadian Housing Finance System Performed through the Credit Crisis: Lessons for Other Markets
John Kiff, Steven Mennill, Graydon Paulin
The Journal of Structured Finance Oct 2010, 16 (3) 44-64; DOI: 10.3905/jsf.2010.16.3.044

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How the Canadian Housing Finance System Performed through the Credit Crisis: Lessons for Other Markets
John Kiff, Steven Mennill, Graydon Paulin
The Journal of Structured Finance Oct 2010, 16 (3) 44-64; DOI: 10.3905/jsf.2010.16.3.044
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  • Article
    • Abstract
    • OVERVIEW OF CANADIAN RESIDENTIAL MORTGAGE MARKETS
    • OVERVIEW OF CANADA’S HOUSING FINANCE SYSTEM
    • THE PERFORMANCE OF THE CANADIAN FINANCIAL SYSTEM
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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