parameter,value,status,source
i (5-year conventional mortgage rate),2021: 4.79%; 2022: 5.65%; 2023: 6.68%; 2024: 6.73%; 2025: 6.23%; 2026: 6.10%,measured,"Bank of Canada Valet V80691335 (Conventional mortgage, 5-year), 616 weekly obs 2015-01-07–2026-10-21"
"property tax rate (municipal + school, share of market value)",1.0%,assumption,assumption; Quebec effective rates cluster around 0.7–1.2 % of market value
maintenance and depreciation,2.5%,assumption,"assumption; Himmelberg, Mayer and Sinai (2005) use 2.5 %"
risk and liquidity premium,2.0%,assumption,"assumption; Himmelberg, Mayer and Sinai (2005) use 2.0 %"
expected nominal appreciation π^e (three scenarios),"0%, 2%, 4%",scenario,assumption; bracket of long-run nominal house-price growth