| Description |
1 online resource : illustrations |
| Series |
IMF working paper |
|
IMF working paper.
|
| Summary |
Housing market imbalances are a key source of systemic risk and can adversely affect housing affordability. This paper utilizes a stylized model of the Canadian economy that includes policymakers with differing objectives—macroeconomic stability, financial stability, and housing affordability. Not surprisingly, when faced with multiple objectives,deploying more policy instruments can lead to better outcomes. The results show that macroprudential policy can be more effective than policies based on adjusting property-transfer taxes because property-tax policy entails excessive volatility in tax rates. They also show that if property-transfer taxes are used as a policy instrument, taxes targeted at a broader-set of home buyers can be more effective than measures targeted at a smaller subset of homebuyers, such as nonresident homebuyers |
| Notes |
"November 2018" |
|
At head of title: Western Hemisphere Department |
| Bibliography |
Includes bibliographical references |
| Subject |
Housing policy -- Canada
|
|
Property taxes -- Canada
|
|
Housing -- Taxation -- Canada
|
|
Home ownership -- Canada -- Finance
|
|
Home ownership -- Finance.
|
|
Housing policy.
|
|
Housing -- Taxation.
|
|
Canada.
|
| Form |
Electronic book
|
| Author |
International Monetary Fund, issuing body.
|
|
