Singapore Home Price Growth Slows, Rents Decline as Market Cools
Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
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Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
Hong Kong home prices rose for the first time in almost a year in March as the city’s removal of property curbs revived sales.
Greater China’s property market crisis and the challenges it poses for lenders will be on full display on Monday, when embattled developer China Vanke Co. and the region’s biggest banks report earnings.
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
May 16, 2018
Bloomberg News
,HSBC Canada cut its five-year variable mortgage rate to 2.39 per cent as banks compete for customers amid a slump in home sales.
The Canadian division of London-based HSBC Holdings Plc also cut its five-year fixed rate for some mortgages to 3.09 per cent, the lender said in an emailed statement. Both rates, effective May 17, undercut mortgage offered by Canada’s six-biggest banks, which have been adjusting rates during a spring buying season that’s started out soggy.
Bank of Montreal (BMO.TO) last week cut its five-year variable rate to 2.45 per cent -- a 1 per centage point discount from the lender’s prime rate -- in a mortgage special that runs until the end of May. Toronto-Dominion Bank (TD.TO) followed on May 15, matching the 2.45 per cent rate in a special available until May 31. HSBC has been undercutting the largest domestic banks on mortgages for about a year.
Home sales nationwide fell to the lowest in more than five years in April , as bond yields and tougher mortgage qualification rules imposed in January helped cool the market.
Canada’s banks are witnessing “a more pronounced" slowdown in mortgage growth in the second quarter, with a 0.19 per cent growth since the start of the year, Scotia Capital analyst Sumit Malhotra said Wednesday in a note to clients. That’s the slowest in four years.
The February-to-April period has “traditionally marked the slowest period of the year for domestic residential real estate loan growth, and our review of recent data clearly indicates that the seasonal deceleration will be more pronounced" in the banks’ second quarter results which begin next week, he said.