Introduction / Tony Crook and Peter A. Kemp -- Germany / Peter A. Kemp and Stefan Kofner -- The Netherlands / Marietta E.A. Haffner -- Spain / Montserrat Pareja-Eastaway and María Teresa Sánchez-Martínez -- Denmark / Hans Skifter Andersen -- Norway / Mary-Ann Stamsø -- Australia / Kath Hulse...

In many countries, the cost of housing has greatly outpaced income growth, leading to a housing affordability crisis. Leveraging Canadian loan-level data and quasi-experimental variation in payment-to-income constraints, we document an increasing reliance of first-time homebuyers on financial...