
This Week in China: The World’s Best Stocks Need New Buyers
China’s all-or-nothing stock market is losing momentum, after three months of what might be best described as forced buying of a deeply oversold asset.
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China’s all-or-nothing stock market is losing momentum, after three months of what might be best described as forced buying of a deeply oversold asset.
New Statistics Canada data shows investors made up almost one third of homeowners in some provinces in 2020.
A gauge of US services snapped back in January after an end-of-2022 slump, suggesting a resurgence in consumer demand that leans against concerns of an imminent economic slowdown.
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.
The Bank of England’s top two policy makers signaled that the most aggressive tightening cycle in three decades may be nearing an end.
Mar 10, 2021
BNN Bloomberg
,Canada’s hot housing markets are setting off alarm bells for one of North America’s best known economists.
David Rosenberg, the chief economist and strategist at Rosenberg Research, described real estate valuations in this country as a “huge bubble” of historic proportions.
“This might be one of the biggest bubbles of all time,” Rosenberg said in an interview Wednesday. “Of course, it’s been predicated on where mortgage rates are.”
The comments followed the Bank of Canada decision to maintain its benchmark overnight interest rate at 0.25 per cent. In an accompanying statement, the central bank described recent housing market activity as being “much stronger than expected.”
The country’s largest market fetched headlines last week when the Toronto Regional Real Estate Board said the average selling price in the Greater Toronto Area jumped 14.9 per cent year-over-year in February to a record $1,045,488. And, in Vancouver, home sales in February were 42.8 per cent above the 10-year average, according to the local real estate board.
Rosenberg noted that a key national home price has experienced double-digit gains with virtually no wage growth to help Canadians keep pace. He described the relationship between income and home prices in Canada today as resembling the disparity between incomes and tech stocks during the dot-com boom-and-bust cycle.
“I’m pretty wary certainly about the valuations in residential real estate. Would I be going out and buying a home today as an investment in Canada or in the [Greater Toronto Area]? Absolutely not. I would just as soon go in the stock market.”