What Role Does the Housing Market Play in Sustaining Canada’s Financial Stability?
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Key discussion points:
- What effect could a wave of mortgage defaults have on Canada’s banking system, real estate values, and credit flows?
- Canada’s job market on track to sufficiently recover before the Mortgage Deferral Program comes to an end? What role should the government play to support Canadians who will continue to require mortgage assistance?
- Can the housing market play a role in economic stimulus coming out of the crisis?
Darren Hannah, Vice-President, Finance, Risk and Prudential Policy, Canadian Bankers Association
Mikael Khan, Director, Real Sector Stability, Financial Stability Department, Bank of Canada
Mikael Khan is a Director in the Bank of Canada’s Financial Stability Department, where he manages a team responsible for assessing risks and vulnerabilities in Canada’s non-financial sector. Previously, Mikael held increasingly senior positions in the Canadian Economic Analysis Department. His research is centered around the measurement of core inflation, the role of expectations in the housing market, and the macroeconomic risks posed by elevated household debt. Mikael holds an M.A. and B.A. in Economics from Queen’s University.
Stéfane Marion, Chief Economist and Strategist, National Bank Financial
Stéfane Marion has been engaged in economic analysis for more than 20 years. In early 1999, he joined the Economics and Strategy team at National Bank Financial. In November 2008, he was named Chief Economist and Strategist. Mr. Marion is a sought-after speaker on economic trends and their financial implications and is ranked among the leading economists in Canada according to Brendan Wood International. In 2011, Mr. Marion’s economic and financial expertise earned him a spot in two separate rankings published in the prestigious Bloomberg Markets magazine. He ranked first among Canada’s top forecasters and second for his foreign exchange projections on the euro.
Prior to joining National Bank Financial’s research team, Mr. Marion worked for several years for the federal departments of Finance and Industry in Ottawa, where, in addition to economic analysis and forecasting, he also worked on microeconomic policy impact studies. In particular, he participated in the development of forecasting models and the analysis of the FTA and NAFTA free-trade agreements with the United States and Mexico.
Mr. Marion holds a Bachelor’s degree and a Master’s degree in Economics from the Université de Montréal.