Comparative Analysis of the Indian and Canadian Real Estate Markets
Sanchaniya Rashmi Jaymin (),
Sanchaniya Jaymin Vrajlal and
Bhalodi Payal Patel
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Sanchaniya Rashmi Jaymin: Riga Technical University, Riga, Latvia
Sanchaniya Jaymin Vrajlal: Gujarat Technical University, Gujarat, India
Bhalodi Payal Patel: Seneca College, Toronto, Canada
Baltic Journal of Real Estate Economics and Construction Management, 2023, vol. 11, issue 1, 1-13
Abstract:
Financial and real estate crises have been the most prevalent forms of economic catastrophe over the past three decades. In 2008, India endured a financial crisis unprecedented in its history. Canada seems to be creating a real estate bubble recently; Bloomberg Economics puts Canada as the OECD’s second greatest housing bubble in 2019 and 2021. In the case of the Indian real estate bubble, the capital and large cities saw the largest increase in house prices initially, then comparable increase spread gradually to smaller towns and provinces. Thus, this paper conducts a comparative study of the real estate markets in India and Canada and presents a basic analysis of the Canadian real estate market based on the Indian experience with the real estate crisis. Specifically, the article explores the recent economic history and deduces the elements that contributed to the real estate catastrophe. After collecting data and gaining a thorough knowledge of both nations’ real estate markets, the article performs a comparison study employing indices such as the housing index, the corruption rate, and the Business Survey Index (BSI). The research indicates that property prices in Canada are projected to rise because of a significant association between corruption and house prices and a decline in the BSI index. The research provides some recommendations to avert a full-fledged real estate meltdown.
Keywords: Comparative analysis; Canada; India; real estate bubble (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:bjrecm:v:11:y:2023:i:1:p:1-13:n:1
DOI: 10.2478/bjreecm-2023-0001
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