Asian Stocks Look Mixed as Traders Await Nvidia: Markets Wrap
European equities dropped Tuesday, pulling back from recent record highs, as investors retreated to the sidelines to await results this week from Nvidia Corp.
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European equities dropped Tuesday, pulling back from recent record highs, as investors retreated to the sidelines to await results this week from Nvidia Corp.
Retail investors pulled €10.2 billion from euro-denominated real estate funds in the year through April amid warnings that falling valuations could create liquidity pressures for the products.
Buying London star Daniel Daggers discusses the appeal of looking at London’s most expensive homes.
China Evergrande Group Chairman Hui Ka Yan’s former mansion in Hong Kong was sold at a significant discount, according to a person familiar with the matter.
China’s local governments raised the least revenue from land sales in eight years, another sign of the nation’s deepening housing crisis that has forced Beijing to pump in more cash.
Jun 23, 2016
Reuters
,TORONTO - With home prices booming and fears of a bubble, Canada's finance minister on Thursday announced a working group of federal, provincial and municipal officials to recommend policy changes.
The panel, to be formed within days, will meet throughout the summer to review supply and demand, affordability and the stability of the market, Finance Minister Bill Morneau said.
The move suggests a new round of regulation changes to tighten mortgage rules is not imminent, but could come as early as the fall amid fears the market is overheated and consumer indebtedness too high.
The government will evaluate whether further steps are needed to protect borrowers and lenders to help maintain a stable market, Morneau added.
He and Prime Minister Justin Trudeau have both commented in recent weeks about high prices in Toronto and Vancouver, Canada's hottest markets, echoing concerns by some analysts who fear a housing bubble.
"I hear from people in my (electoral district) who are concerned they can't actually consider the possibility of purchasing a new home," said Morneau, who represents a downtown Toronto district, at an Economic Club of Canada event.
House prices have climbed since 2009 as low interest rates fueled demand. While the energy slump has cooled sales in oil country, particularly in Calgary, the run-up in prices in Ontario and British Columbia have pushed consumer debt to record levels and increased worries that both consumers and housing are in precarious positions.
Some experts have called for a flipping tax to curb speculators from buying and selling houses. Some want limits imposed on foreign investment to prevent wealthy Chinese buyers, among others, from driving up prices, particularly in Vancouver.
Morneau said increasing foreign ownership does make up "some element" of the high prices, but said population growth due to strong labor markets in Toronto and Vancouver is also a factor.
Canada has tightened mortgage regulations five times since 2008 in a bid to cool the market, shortening the length of loans and increasing the minimum down payment.
Morneau did not go into detail on potential methods or on a deadline for the group.
"I'm not going to speculate on conclusions before we make sure that we've done all of our homework," he said.