Canada Economics

Canada Economics Weekly

13 June, 2011

Is housing really in short supply?

Over the last ten years, the accumulation of excess new housing inventory, sharp increases in homeownership rates and rising rental vacancy rates have all coincided with a house price boom and a run-up in financial leverage. We think all these signs point to over-building. We think these excesses will eventually lead to a house price correction, which would negatively impact household wealth, consumer confidence, and the broader economic recovery. 

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