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The goal of this paper is to assess the effectiveness of the policy measures taken by Canadian authorities to address the housing boom. We find that the the last three rounds of macroprudential policies implemented since 2010 were associated with lower mortgage credit growth and house price growth. The international experience suggests that—in addition to tighter loan-to-value limits and shorter amortization periods—lower caps on the debt-to-income ratio and higher risk weights could be effective if the housing boom were to reignite. Over the medium term, the authorities could consider structural measures to further improve the soundness of housing finance.

Housing --- Mortgage guarantee insurance --- Affordable housing --- Homes --- Houses --- Housing needs --- Residences --- Slum clearance --- Urban housing --- City planning --- Dwellings --- Human settlements --- Insurance, Mortgage guaranty --- Insurance --- Prices --- Social aspects --- Infrastructure --- Real Estate --- Industries: Financial Services --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Urban, Rural, and Regional Economics: Household Analysis: General --- Housing Supply and Markets --- Insurance Companies --- Actuarial Studies --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Finance --- Property & real estate --- Insurance & actuarial studies --- Macroeconomics --- Monetary economics --- Loans --- Housing prices --- Financial institutions --- National accounts --- Credit --- Money --- Saving and investment --- Canada