See E. Cerutti, J. Dagher and G. Dell’Ariccia “Housing Finance and Real-Estate Booms: A Cross-Country Perspective,” IMF Staff Discussion Note, June 2015. 27  The December 2014 and June 2015 issues of the Financial System Review examine various estimates of the degree of overvaluation of Canadian houses.
28  The household debt-to-GDP ratio is more consistently measured across countries than the household debt-todisposable income ratio and is thus more useful for comparison purposes. 29  While the significant reductions in interest rates in the immediate aftermath of the financial crisis increased house affordability in these countries, this gain has been offset by the ongoing increases in house prices.