01899cas a2200241 a 4500 AALejournalIMF018821 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484381236 1018-5941 BD-DhAAL BD-DhAAL Matheson, Troy. Balancing Financial Stability and Housing Affordability : The Case of Canada / Troy Matheson. Washington, D.C. : International Monetary Fund, 2018. 1 online resource (21 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Housing market imbalances are a key source of systemic risk and can adversely affect housing affordability. This paper utilizes a stylized model of the Canadian economy that includes policymakers with differing objectives-macroeconomic stability, financial stability, and housing affordability. Not surprisingly, when faced with multiple objectives, deploying more policy instruments can lead to better outcomes. The results show that macroprudential policy can be more effective than policies based on adjusting propertytransfer taxes because property-tax policy entails excessive volatility in tax rates. They also show that if property-transfer taxes are used as a policy instrument, taxes targeted at a broader-set of homebuyers can be more effective than measures targeted at a smaller subset of homebuyers, such as nonresident homebuyers. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2018/237 Full text available on IMF http://elibrary.imf.org/view/journals/001/2018/237/001.2018.issue-237-en.xml IMF e-Library