The Formation of House Price Expectations in Canada: Evidence from a Randomized Information Experiment https://www.banqueducanada.ca/?p=206198 Past 5 years (annualized) Observed house price growth (deciles) Past 5 years (annualized) Average perceived house price growth Past 1 year Observed house price growth (deciles) Past 1 year Average perceived house price growth Past 1 year Distribution of perception gaps Past 5 years Distribution of perception gaps y-axis 1 Year Revision x-axis 1 Year Perception Gap (Deciles) y-axis 1 Year Revision x-axis 1 Year Perception Gap (Deciles) y-axis 5 Year Revisions x-axis 5 Year Perception Gap (Deciles) y-axis 5 Year Revisions x-axis 5 Year Perception Gap (Deciles) 1-year horizon 5-year horizon -6.855-26.833-2.339-25.240-1.724-4.680-0.111-4.393-0.5370.942-5.9355.125 0.240.14 290 -4.677-13.399-1.863-11.263-0.682-1.794-0.121-1.6340.3711.373-1.4233.090 0.46-0.20 120 -2.807-8.536-0.066-7.049-0.388-0.717-0.314-0.4220.9311.6960.0175.096 370 -0.628-5.079-0.049-4.351-0.062-0.037-0.0370.4151.3271.3730.9145.526 521 -0.428-3.1910.203-2.737-0.0900.6020.0471.0021.6541.6091.8236.267407700 811 -1.086-1.648-0.262-0.9560.2621.287-0.0421.8372.1621.4772.5595.855 1325 -0.7810.115-0.1830.9340.0432.822-0.0503.8556.3512.6713.8546.399 27044 0.6562.2400.2593.0500.4745.802-0.0036.5849.6323.7996.3238.621 559585 1.7614.9840.5416.2521.1328.059-0.2048.71010.8683.62110.92110.722 0.68312.7020.68914.0140.70610.6200.07010.96612.3413.78218.67012.051178427 83123 301 70 60 40