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Comparative Analysis of the Indian and Canadian Real Estate Markets

Author

Listed:
  • Sanchaniya Rashmi Jaymin

    (Riga Technical University, Riga, Latvia)

  • Sanchaniya Jaymin Vrajlal

    (Gujarat Technical University, Gujarat, India)

  • Bhalodi Payal Patel

    (Seneca College, Toronto, Canada)

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.

Suggested Citation

  • Sanchaniya Rashmi Jaymin & Sanchaniya Jaymin Vrajlal & Bhalodi Payal Patel, 2023. "Comparative Analysis of the Indian and Canadian Real Estate Markets," Baltic Journal of Real Estate Economics and Construction Management, Sciendo, vol. 11(1), pages 1-13, January.
    • Handle: RePEc:vrs:bjrecm:v:11:y:2023:i:1:p:1-13:n:1
    DOI: 10.2478/bjreecm-2023-0001
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    References listed on IDEAS

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    1. M. Govinda Rao, 2013. "Property Tax System in India: Problems and Prospects of Reform," Working Papers 13/114, National Institute of Public Finance and Policy.
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