Saudi Arabia Is Making a High-Risk $1 Trillion Bet on Tourism
The kingdom must overcome a conservative image and concern about human rights. Visit the desert oasis town of AlUla to understand the challenge.
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The kingdom must overcome a conservative image and concern about human rights. Visit the desert oasis town of AlUla to understand the challenge.
Jury selection was completed Friday for Donald Trump’s first criminal trial, setting the stage for opening arguments Monday in a New York case accusing the former president of falsifying business records to conceal a sex scandal before the 2016 election.
Higher-than-expected interest rates amid persistent inflation are perceived as the biggest threat to financial stability among market participants and observers, according to the Federal Reserve.
Fifth Third Bancorp jumped the most in four months, leading bank stocks higher, with Chief Executive Officer Tim Spence predicting that income from lending has bottomed out.
China’s securities regulator said it will encourage the nation’s companies to list in Hong Kong as it unveiled a package of measures to bolster the city’s position as an international financial hub.
Jul 5, 2018
The average price of a home in the Greater Toronto Area climbed to a 13-month high in June, and the regional real estate board is warning there's no let-up in sight amid an influx of buyers.
There were 8,082 property sales across the GTA in June, an acceleration from the 7,834 sales in May and a 2.4 per cent increase from the previous year.
Active listings of homes available for purchase inched up 5.9 per cent year-over-year to 20,844; while new listings plunged almost 19 per cent.
"It is likely that issues surrounding the supply of listings will persist. This suggests that competition between buyers could increase, exerting increased upward pressure on home prices," said Toronto Real Estate Board Director of Market Analysis Jason Mercer in a release.
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The twin forces of rising sales and tighter supply drove the average selling price to $807,871 in the month, a modest increase sequentially and from the previous year. It was also the highest average since May 2017, which was the first full month of a new era for buyers and sellers in Ontario after the provincial government implemented a tax on speculators as part of a so-called Fair Housing Plan.
Since then, buyers and sellers have also been adjusting to higher borrowing costs, with the Bank of Canada raising interest rates three times since last summer and the Office of the Superintendent of Financial Institutions introducing tough new stress tests in January for uninsured buyers who put down at least a 20 per cent down payment.
"After some adjustment to the Fair Housing Plan, the new Office of The Superintendent of Financial Institutions (OSFI) stress test requirement and generally higher borrowing costs, home buyers are starting to move back into the market," said Toronto Real Estate Board President Garry Bhaura in a release.