
China Property Slide ‘Early’ in Game After $1 Trillion Defaults
Charlene Chu, famed among China watchers for warning about a debt bubble when at Fitch Ratings, says that pain is only just beginning for credit extended to Chinese property.
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Charlene Chu, famed among China watchers for warning about a debt bubble when at Fitch Ratings, says that pain is only just beginning for credit extended to Chinese property.
(Bloomberg) -- Signs are mounting that China’s economy shrank in the second quarter for the first time since 2020, placing the nation’s official statistics under fresh scrutiny as analysts bet the government will avoid acknowledging that slump.
The Quebec Professional Association of Real Estate Brokers says June's Montreal home sales dropped 11 per cent since the same time last year, but the market is still favouring sellers.
Residential mortgage debt grew last year by the fastest pace since 2008 says a new report from CMHC
Downtown Toronto’s office-vacancy rate hit a record in the second quarter as fears of a slowing economy and the persistent popularity of remote work curtailed appetites for new space.
Jan 16, 2019
The Canadian Press
TORONTO -- Royal Bank of Canada (RY.TO) has lowered its posted five-year fixed rate by 15 basis points from 3.89 per cent to 3.74 per cent.
Mortgage rate comparison website founder Robert McLister says RBC is the first of the Big Six banks to cut its advertised five-year fixed rate after a fall in five-year bond yields.
McLister adds that he expects other big banks to follow suit in the coming days.
When asked what prompted the rate drop, an RBC spokesperson said a number of factors have impacted the Toronto-based bank's cost of funds.
RBC says that includes the rate the bank pays in the wholesale market, increasing regulatory costs and market volatility.
McLister says now that market volatility has subsided, the bank's competitors have started undercutting big banks which puts pressure on them to act.