Shutdown Averted, McCarthy Faces Mutiny: Your Sunday US Briefing
Get ready for the new week.
The information you requested is not available at this time, please check back again soon.
Get ready for the new week.
Australian home prices stayed strong in September, driven by soaring demand and outweighing the impact of the central bank’s aggressive policy tightening campaign.
China’s home sales moderated their decline in September, following stepped-up efforts from Beijing to support the housing sector.
The troubles facing highly indebted property developers in China have dominated conversations about the Asian nation’s economy and markets this year. Yet according to Rayliant Global Advisors’ Jason Hsu, there’s an important distinction between this and past housing crises elsewhere which is guiding policymakers’ response to it: The developers are the ones who are over-leveraged, not the households.
China’s property sector has yet to see the worst of the crisis that has cast a pall over the nation’s economy and helped drive an exodus of global funds from the world’s second-largest stock market.
OTTAWA -- Home sales in April posted their first year-over-year increase since December 2017 as gains in Montreal and the Toronto region outweighed a decline in the B.C. Lower Mainland.
The Canadian Real Estate Association said Wednesday that home sales last month were up 4.2 per cent compared with a year ago, when they hit a seven-year low for the month.
On a month-over-month basis, sales through the Multiple Listing Service rose 3.6 per cent in April.
"Canadian housing activity appears to be broadly stabilizing, as there are signs that the market has largely digested the many policy changes," Bank of Montreal chief economist Doug Porter wrote in a report.
"And while the regional divide is wide, fundamentals look to be a bit more supportive in the year ahead, with the policy tightening likely having run its course, job growth surprisingly solid and borrowing costs ebbing."
The national average price for homes sold in April was $494,978, up 0.3 per cent from the same month in 2018.
Excluding the Greater Vancouver and Greater Toronto Area, two of the country's most expensive markets, the average price was just over $391,000.
Canadian home sales softened in the wake of new mortgage stress test rules introduced last year and a rise in mortgage rates.
However, mortgage rates have started to come back down in recent months as expectations that the Bank of Canada will raise its key interest rate have also cooled.
The Canadian Real Estate Association noted that the number of newly listed homes rose 2.7 per cent in April, following an increase of 3.4 per cent in March.
However, the national sales-to-new listings ratio tightened to 54.8 per cent compared with 54.3 per cent in March.
The association noted that sales activity was stabilizing among Canada's five most active urban housing markets, which no longer includes Greater Vancouver for the first time since the recession as sales in that city continue to trend lower.