Banks Warn of Growing Energy-Related Risks in Mortgage Portfolios
Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.
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Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.
British Land Co. has sold its stake in Sheffield’s Meadowhall Shopping Centre, one of the largest shopping malls in the UK, to Norway’s sovereign wealth fund.
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Foreign buyers swooped in to purchase Chinese stocks on Friday as Xi Jinping’s government announced a slew of measures to bolster the housing market.
China’s property stocks need a sustainable turnaround in order to foster investor confidence that this year’s broader equities recovery can maintain, or even increase its momentum.
Mar 20, 2024
BNN Bloomberg
,A new analysis found that the level of income required to own a home rose in 12 out of 13 major markets across Canada from January to February.
In a report Wednesday, Ratehub.ca calculated the minimum annual income levels required to purchase a house in a number of Canada’s major cities based on real estate data. The report found that slight reductions in mortgage rates have occurred alongside rises in home prices.
“The two key variables, which are home values and interest rates, have moved in opposite directions since January; interest rates are down and home values are up in 12 out of 13 cities,” James Laird, the co-CEO of Ratehub.ca and president of CanWise mortgage lender, said in a statement Wednesday.
“The increase in home values was enough such that affordability decreased in 11 of 13 cities despite the rate drop.”
Across the major markets, Toronto saw the most significant increase in income needed to purchase a home, rising by $3,800 from January to February, reaching $214,100.
Victoria and St. John’s were the only major markets to see reductions in income required to purchase a home. In St. John’s, the income level needed to buy a home fell by $1,000 to $74,750. In Victoria, the income needed fell by $1,060 to $169,300.
Methodology:
Data for the analysis used average home price figures from the CREA MLS Home Price Index and mortgage rates were derived from the average of the Big Five Bank’s five-year fixed rates in January and February. The analysis assumed a mortgage with a 20 per cent down payment, 25-year amortization with $4,000 in yearly property taxes and $150 in heating costs.