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Bank rescues on both sides of the Atlantic. Global markets in turmoil. American and European policy makers rushing to turn the tide. In contrast, China’s markets were calm and buoyant Thursday.
China Evergrande Group, once among China’s biggest developers and now a poster child for its property crisis, laid out details of a multi-billion dollar restructuring plan that calls for its offshore creditors to swap their debt for new securities.
A buyer from mainland China is offering HK$1.2 billion ($153 million) for a mansion in Hong Kong’s Peak area, a sign of the city’s rebounding property market after it reopened to the world.
The share of South Korean developers struggling to pay interest expenses on their loans rose by a quarter last year as the central bank aggressively tightened policy and the local housing market began to wobble.
New Zealand’s aggressive monetary policy tightening is having the desired effect of slowing the economy, Reserve Bank Chief Economist Paul Conway said.
Nov 3, 2021
, BNN Bloomberg
The average price of a home in the Greater Toronto Area (GTA) housing market climbed to an all-time high last month as competition among buyers continued to heat up.
The Toronto Regional Real Estate Board (TRREB) said Wednesday that 9,783 properties changed hands in the month, representing an eight per cent increase from September and a seven per cent drop from a year earlier.
The number of new listings fell 13 per cent month-over-month in October. Compared to a year earlier, inventory plunged 34 per cent.
“The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply,” said TRREB President Kevin Crigger in a release.
High demand and constrained supply helped push home prices even further into record territory as the average selling price of a property ticked up to $1,155,345 in October.
With financial markets widely expecting the Bank of Canada to begin hiking interest rates in the new year, many economists are assessing how that could impact real estate activity.
In a note to clients dated Nov. 2, BMO Economics Senior Economist Robert Kavcic questioned whether hot housing markets could be facing “one final bout of strength before things simmer down.”
He pointed out the historically popular five-year fixed mortgage rate has already begun rising; but perhaps more importantly, Kavcic said it’s likely the Bank of Canada will start raising rates sooner and more aggressively than many in the housing market might currently anticipate.
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