UAE’s $35 Billion Egypt Deal Marks Gulf Powers’ Buying Spree
Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
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Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
(Bloomberg) -- China’s industrial companies’ profits fell in March as exports flagged and deflationary pressures persisted, suggesting the economy’s stronger-than-expected growth early this year might be tough to maintain.
New York Community Bancorp Inc. has had one of the most tumultuous quarters in recent banking history. Its first-quarter earnings will probably reveal more about impacts from the drama — and management’s plan to move forward.
Donald Trump’s longtime personal assistant, who worked for his real estate empire for decades, told a jury that she has a “vague recollection” of seeing Stormy Daniels at Trump Tower sometime before 2015.
The delinquency rate for US small businesses climbed to a three-year high this month, reflecting the impact of rent spikes and declining revenue, according to a monthly survey.
Aug 15, 2023
BNN Bloomberg
,Average home selling prices showed a mix bag of results in July, but the salary needed to own a home keeps climbing.
A new report from Ratehub.ca Tuesday, shows the amount of income needed to own a home climbed in every major city across Canada for the month of July compared to June, despite most home average prices either declining or staying relatively flat.
The report shows the average price to own a home declined in Toronto, Ottawa, Edmonton and Winnipeg, but the salary needed to buy a home in these areas climbed by at least $2,000.
Most notably, Toronto’s average selling price dropped by $10,100, but the salary needed to buy climbed by reached $235,250, a climb of $5,450.
Despite some jurisdictions showing declining average home prices, the mortgage rates and stress test rates are further squeezing home buyers.
“Most Canadians can now expect an average stress test of eight per cent or higher, which is the highest stress test home buyers have ever seen,” James Laird, co-CEO of Ratehub.ca and president of CanWise mortgage lender, said in a news release Tuesday.
“Mortgage rates increased significantly from June to July, which has caused every city we looked at to become less affordable, even though home values were down in some cities.”
There may be some relief on the horizon, however, as experts expect the Bank of Canada to pause interest rate hikes during its next rate announcement on Sept. 6.
METHODOLOGY
Data is based on a mortgage with 20 per cent down payment, 25-year amortization, $4,000 annual property taxes and $150 monthly heating. Mortgage rates are the average of the Big Five Banks’ 5-year fixed rates in July 2023 and June 2023. Average home prices are from the CREA MLS Home Price Index (HPI).