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.
South Korea’s top financial watchdog attempted to revive optimism over the nation’s corporate reform initiatives to investors in New York while soothing concerns over the short-selling ban.
Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.
Jul 14, 2020
The Canadian Press
,As home prices rise, a group of Toronto realtors say governments should focus economic recovery plans on housing supply -- and be careful of stoking too much demand.
The Toronto Regional Real Estate Board says many people are going forward with their plans to buy homes, even amid the COVID-19 pandemic and recovery.
As the economy swings up, that could lead to housing price inflation, TRREB's report to lawmakers said.
Even though the number of home sales fell during the pandemic, prices were stable because buyers and sellers pulled back in equal measure, TRREB estimated. If listings lag, it could crunch supply, said TRREB, assuming that the spread of COVID-19 continues to be contained.
"TRREB expects that consumer confidence will improve, as people gradually return to work, and a growing number of people will look to take advantage of current very low borrowing costs to purchase a home," said the board's report to policymakers. "While buying intentions were down compared to spring 2019, they remained relatively in line with the five-year trend."
Rather than focus stimulus measures on boosting home owners, the group of 56,000 realtors suggested that improving the supply of homes will keep prices affordable for buyers.
Among TRREB's recommendations is that the city should speed up plans to add duplexes and low-rise apartment housing to neighbourhoods with single-family homes.
A version of this plan, released by the city's planning division this month, could potentially add mid-priced housing to up to 35 per cent of Toronto neighbourhoods.
Other TRREB recommendations included postponing property taxes and allowing more flexibility in mortgage stress tests and registered retirement savings plan transfers.
"Housing affordability in the GTA should continue to be a priority for policymakers and the best way to address this is by ensuring adequate and appropriate housing supply, rather than demand-side initiatives," said a statement by the board's president, Lisa Patel