
Singapore Property Market Braces for Surging Chinese Demand
Singapore’s property market is bracing for surging demand from Chinese buyers as the world’s second-largest economy reopens.
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Singapore’s property market is bracing for surging demand from Chinese buyers as the world’s second-largest economy reopens.
The Hong Kong Monetary Authority on Thursday raised its benchmark interest rate in line with the US Federal Reserve, extending a string of rate hikes that began last year.
Federal Reserve Chair Jerome Powell said policymakers expect to deliver a “couple” more interest-rate increases before putting their aggressive tightening campaign on hold, even as they slowed their drive to curb inflation.
The Long Island village of Southampton has long served as a getaway for New York’s ultra-wealthy, but in the summer of 2022, it welcomed a crop of newly minted magnates. George Santos, an underdog congressional candidate from the other end of the island, was there to greet them.
The Calgary Real Estate Board says January's new listings fell to a level not seen since the last 90s as home sales declined 40 per cent from the year before.
Dec 15, 2021
Bloomberg News
,Canadian house prices jumped more than 25 per cent in November from a year earlier, a record gain propelled by a historic supply shortage.
An increase in properties for sale from October to November wasn’t nearly enough to satisfy demand, according to data Wednesday from the Canadian Real Estate Association. The benchmark sale price climbed to $790,600 (US$612,720).
“The supply issues we faced going into 2020, which became much worse heading into 2021, are even tighter as we move into 2022,” Shaun Cathcart, the real estate board’s chief economist, said in a news release accompanying the data. “As such, the issue of inequality in the housing space will remain top of mind.”
Ultra-low mortgage rates and demand for larger living spaces during the COVID-19 pandemic combined to make Canada one of the hottest housing markets in the world over the last two years. Now, with the central bank indicating that interest rates could rise next year and with a record flow of immigrants entering the country, buyers seem to have found new incentives to get into the market.
Home sales volume in Canada rose 0.6 per cent in November from the month before, while newly listed properties rose 3.3 per cent, the data show. Even with the increase in listings, Canada had just 1.8 months of housing inventory nationally in November, tied with March of this year for the lowest on record.
Construction began on more than 300,000 new homes during the month, one of the strongest on record and a sign that developers are starting to respond to the housing shortage.
Prime Minister Justin Trudeau promised more homebuilding on his path to re-election in September. But much of the decision-making that drives development rests with local and provincial governments that have authority over zoning.
In forecasts released with the November sales data, the real estate association predicted that prices would continue to rise in 2022.