The impact of subprime financial crisis on Canada and United States housing market and economy

Abstract

This paper aims to study the impact of US subprime mortgage on the housing market in Canada since there is a close relationship between the two countries from regional perspective as well as trading and cooperation. By reviewing the official statistics data in the US and Canada, this paper firstly sketches the macro economy and housing market of Canada and the US before and after subprime financial crisis. Afterwards, it discusses the causes of the close relationship between these two housing markets and macro economy.