House prices have increased significantly in Canada over the past decade, driving household debt and residential … construction activity to historical highs. Although macro-prudential tightening has slowed the pace of household borrowing in the …

and wealth. We find a statistically significant and rather large effect of housing wealth upon household consumption. This … stimulate large and significant decreases in household spending. The elasticities implied by this work are large. An increase in … real housing wealth comparable to the rise between 2001 and 2005 would, over the four years, push up household spending by …

and wealth. We find a statistically significant and rather large effect of housing wealth upon household consumption. This … stimulate large and significant decreases in household spending. The elasticities implied by this work are large. An increase in … real housing wealth comparable to the rise between 2001 and 2005 would, over the four years, push up household spending by …

wealth. We find a statistically significant and rather large effect of housing wealth upon household consumption. This effect … large as the effects of increases in housing wealth in increasing the course of household consumption. …