House prices and demographic change: Canadian evidence

摘要: Abstract We examine the links between demography-induced changes in housing demand and real house prices using postwar data for Canada. Although Canadian demographic patterns are very similar to those United States, exhibit a substantially different trajectory: they rise early 1970s, then fall nearly forty per cent 1975 mid-1980s. estimate simple time-series models relating factors, unlike previous estimates U.S. by Mankiw Weil (1989), we find statistically insignificant most cases negative association prices. These results suggest caution extrapolating historical trends next century, while also illustrating that substantial declines values not impossible.