
BOE Governor Says Further Rate Rises Can’t Be Ruled Out Yet
The Bank of England’s top two policy makers signaled that the most aggressive tightening cycle in three decades may be nearing an end.
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The Bank of England’s top two policy makers signaled that the most aggressive tightening cycle in three decades may be nearing an end.
Norway’s unemployment rate matched the lowest level in 14 years, indicating labor market strength that could convince the central bank to raise rates more than previously expected.
Sales in the Toronto housing market ground to the slowest pace since the first month of the pandemic as buyers contend with some of the highest borrowing costs they’ve seen in 15 years.
An ultra luxury apartment in Hong Kong’s Mount Nicholson development — one of the most expensive apartment projects in Asia — was recently sold for a loss of HK$130 million ($16.6 million) as the city’s upscale home market struggles to recover from weak demand.
(Bloomberg) -- US prosecutors in the Justice Department’s fraud unit are looking into Silvergate Capital Corp.’s dealings with fallen crypto giants FTX and Alameda Research, according to people familiar with the matter.
Sep 29, 2021
Bloomberg News
,The people piling into Canada’s red-hot housing market fastest already own a home -- or in some cases three or four.
In the 12 months through June, the number of people adding a fourth mortgage or more surged 7.7 per cent, more than doubling the increase for first-time borrowers, according to data from consumer credit reporting firm Equifax Canada Inc.
Canada’s housing market has been about as hot as any in the world. And while people with more than one home loan account for only about 16 per cent of the mortgage market, purchases by those borrowers have accelerated quickly. That’s because rising home prices and falling mortgage rates have boosted their ability to borrow against one property to buy a new one.
“There is a population that is taking advantage of the current housing market situation to use it as an investment for their retirement instead of traditional routes,” said Rebecca Oakes, assistant vice president of advanced analytics at Equifax. “There is a definite growth in terms of people with multiple mortgages.”
The surge of investor activity has raised affordability concerns, with many potential buyers shut out of the market. The trend presents a challenge for Prime Minister Justin Trudeau, who made helping first-time buyers a centerpiece of the election campaign that returned him to power in Canada’s federal election last week.
The last time Canada saw a similar surge in people owning multiple properties was in 2017, the data show. At that time, rapidly appreciating home prices in Toronto and Vancouver prompted authorities to crack down amid fears of a bubble.
While some of the measures Trudeau promised could help level the playing field between investors and first-time buyers -- they include a a new loan program, tax credits, and a reduction in mortgage insurance costs -- they still may not be enough to overcome the advantages held by existing homeowners.