00000cam 2200000zi 4500 9.966239 CaOODSP 20260924151326 m o d f cr |n||||||||| 260924e20260820oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP eng eng fre n-cn--- FB3-8/2026-35E-PDF Strauss, Benjamin, author. How do interest rates spur the housing market : exploring nonlinear effects / Benjamin Strauss, Stéphane Surprenant, Kerem Tuzcuoglu. [Ottawa] : Bank of Canada = Banque du Canada, August 20, 2026. ©2026 1 online resource (ii, 14 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff analytical paper = Document analytique du personnel, 3110-9195 ; 2026-35 Cover title. Includes bibliographical references (pages 13-14). "In this note we examine how monetary policy affects housing demand, supply and prices in Canada, and whether these effects vary with labour market conditions. Using state-dependent local projections identified with narrative monetary policy shocks, we find that lower interest rates have larger effects when unemployment is low. Easing boosts resales quickly, raises housing starts with a delay, and increases house prices persistently. Because demand tends to respond more strongly than supply, monetary policy appears unable to alleviate housing affordability pressures and may instead intensify them when labour market conditions are strong"--Abstract, page ii. Includes abstract in French. Monetary policy Canada. Interest rates Canada. Housing Prices Canada. Politique monétaire Canada. Taux d'intérêt Canada. Logement Prix Canada. Bank of Canada, issuing body. Staff analytical paper (Bank of Canada) 2026-35. (CaOODSP)9.958938 PDF 745 KB https://publications.gc.ca/collections/collection_2026/banque-bank-canada/FB3-8-2026-35-eng.pdf