Recently, soaring housing prices in major Canadian cities such as Vancouver and Toronto have raised concerns among residents and policy makers. There is a wide spread belief that the overheating of these real estate markets is due to foreign buyers. If confirmed, the link between outside...

We examine the contagion effect of residential foreclosures and find strong evidence of a social interactions influence on default decisions where the interaction is based on neighbors' behavior in a previous period. Using a unique spatially explicit parcel level data set documenting residential...

This paper investigates the dynamics of school quality capitalization during the boom–bust cycle of the housing market. We find that the housing downturn led to a sharp increase in capitalization for high‐quality schools, whereas the boom and recovery periods saw a decline in valuation for...