Housing figures prominently during economic crises, a notable example being the Great Depression. Because housing is immobile, its market is very localized. In each city, the main agents are closely interconnected. Lenders depend on mortgaged homeowners and landlords to maintain payments; landlords rely on tenants; municipalities need all property owners to pay taxes. The Depression experiences of tenants, homeowners, and federal housing programs are well-appreciated; those of landlords and private lenders much less so. Considering the role of all agents, this case study of Hamilton, Ontario, focuses on owners and private lenders and asks who lost property, to whom, and how. Drawing on land registry and property tax records, city directories, and newspaper accounts, it documents the pattern and trajectory of defaults experienced by homeowners, landlords, and private lenders. Contemporaries and historians have used foreclosures as a measure of distress, but many borrowers defaulted voluntarily. The experience of Hamilton’s homeowners was similar to those in U.S. cities. Local landlords experienced higher rates of defaults than homeowners; private lenders foreclosed less often than lending institutions. Along with municipalities, both learned to be flexible in demanding payments. The high incidence of private mortgages, the stability of lending institutions, and the marginal role of the federal government were distinctively Canadian, but in general Hamilton’s experience is more broadly indicative.

在经济危机期间，住房问题尤为突出，一个著名的例子是大萧条。由于住房是固定的，其市场非常本地化。在每个城市，主要代理人都是紧密相连的。贷款人依靠抵押房主和房东来维持付款；房东依赖租户；市政当局要求所有业主纳税。租户、房主和联邦住房计划在大萧条时期的经历受到广泛赞赏；房东和私人贷款人的情况则要少得多。考虑到所有代理人的作用，安大略省汉密尔顿的这个案例研究重点关注业主和私人贷款人，并询问谁失去了财产、给谁以及如何失去财产。它利用土地登记和财产税记录、城市名录和报纸报道，记录了房主、房东和私人贷款人经历的违约模式和轨迹。同时代的人和历史学家都用取消抵押品赎回权作为衡量困境的标准，但许多借款人自愿违约。汉密尔顿房主的经历与美国城市的房主相似。当地房东的违约率高于房主；私人贷款机构取消赎回权的频率低于贷款机构。与市政当局一样，双方都学会了灵活地要求付款。私人抵押贷款的高发生率、贷款机构的稳定性以及联邦政府的边缘作用是加拿大特有的，但总的来说，汉密尔顿的经历具有更广泛的指导意义。