Singapore Home Price Growth Slows, Rents Decline as Market Cools
Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
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Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
Hong Kong home prices rose for the first time in almost a year in March as the city’s removal of property curbs revived sales.
Greater China’s property market crisis and the challenges it poses for lenders will be on full display on Monday, when embattled developer China Vanke Co. and the region’s biggest banks report earnings.
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
May 4, 2022
BNN Bloomberg
,The impact of higher borrowing rates is rippling through Canada’s largest regional housing market.
The latest data from the Toronto Regional Real Estate Board (TRREB) showed 8,008 properties were sold in the month of April, far below the 13,613 transactions that occurred in the same month last year. It represents a 41.2 per cent plunge.
Activity was also sharply lower on a monthly basis, with sales down 27 per cent from March.
“Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation,” said Kevin Crigger, president of TRREB, in a release Wednesday.
“Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase.”
All property types experienced double-digit sales declines ranging from 32 per cent to 47 per cent.
The board noted the slowdown was more pronounced in the suburbs.
While higher borrowing costs sidelined some potential buyers, it appears would-be sellers were also discouraged. New listings were down 11.7 per cent in April compared to last year.
The dampened activity led to a 3.5 per cent month-over-month decline in the average selling price of a property to $1,254,436.
At an event on Tuesday in Toronto, Bank of Canada Senior Deputy Governor Carolyn Rogers said home prices are due for a pullback.
"Housing price growth is unsustainably strong in Canada - it would not be a bad thing for the economy for the growth in housing prices to moderate a bit - and we do expect that to happen as rates go up. It needs to happen," she said.