Roi and R. Mendes, “House Prices, Residential Mortgage Credit and Monetary Policy,” Bank of Canada, December 2004; and J. Campbell and J. F. Cocco, “How Do House Prices Affect Consumption? Evidence from Micro Data,” (Harvard Institute of Economic Research Working Papers No.
2045, 2004  2  BIS central bankers’ speeches  Elsewhere, however, the global financial crisis proved to be only a brief setback, with the growth of house prices resuming, or even exceeding, its former pace.3 Canada falls into this latter group.