Canada's Housing Bubble

Sep 02, 2011 cuer.sauder.ubc.ca

Congratulations to Commerce students Erica Tang and Timothy Tsang for writing the top undergraduate real estate economics paper in 2011! As part of the Commerce 407: Real Estate Economics class, students conduct original research on a real estate or urban economics topic of their choosing and write up the results in an academic-style term paper. Erica and Timothy implemented a user cost model to analyze the relationship between housing prices and rents and back out expectations of price growth. In their paper they examine Vancouver, Toronto, and Halifax over the time period 1994-2010 and find that the price growth expectations they calculate for Vancouver are consistently above actual price growth, which they suggest may be evidence of a bubble in the Vancouver housing market.

Click here to view the paper.

Erica and Tim can be contacted at:
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