Lagging Real Estate Stocks Have Dropped Too Far, Analysts Say
Wall Street analysts see a double-digit upside potential for the S&P 500’s biggest losers this year: real estate stocks.
Latest Videos
The information you requested is not available at this time, please check back again soon.
Wall Street analysts see a double-digit upside potential for the S&P 500’s biggest losers this year: real estate stocks.
US Treasury Secretary Janet Yellen said she still sees underlying price pressures receding even as a tight housing supply has helped stall the downward path of inflation.
About $52 billion, or 31%, of all office loans in commercial mortgage bonds were in trouble in March, according to KBRA Analytics.
Central Puerto SA, Argentina’s biggest power supplier, is in talks to invest in Canadian miner McEwen Copper Inc.’s Los Azules project, according to people familiar with the matter.
Real estate transactions registered in Hong Kong nearly doubled in April, hitting a three-year high, just months after the government took steps to revive the market.
Apr 19, 2021
Bloomberg News
,Justin Trudeau’s government is taking steps to address Canada’s surging housing costs by promising to increase supply and target foreign owners.
The government pledged in its budget released Monday to spend about $3.8 billion (US$3 billion) to help build and repair thousands of housing units. Additionally, the government will introduce a tax on vacant property owned by non-residents beginning Jan. 1.
The measures come after weeks of calls from economists and industry professionals for the government to cool down the housing market, where low interest rates and buyers’ desire for more space are fueling accelerating price gains. In the Toronto metro area, the average price of homes sold in March was $1.1 million, up 21.6 per cent from a year earlier. Similar double-digit gains in cities across the country are increasing concerns that many Canadians are being priced out of the market and raising the specter of a sharp correction in the future.
“Houses should not be passive investment vehicles for offshore money,” Finance Minister Chrystia Freeland said in prepared remarks for the budget. “They should be homes for Canadian families.”
The foreign buyer’s measure, which the government alluded to in its Fall Economic Statement, would levy a 1 per cent annual tax on the value of vacant or underused properties owned by non-resident, non-Canadians. That could help bring prices down in areas where non-residents have bought properties at elevated prices to shelter their money.
To increase housing supply, Freeland announced a $2.5 billion investment and a $1.3 billion reallocation of existing funds to help build or repair 35,000 housing units. That includes $300 million to help convert empty office space in downtown areas into affordable housing.