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UK housebuilding is contracting at a pace seen during the financial crisis property crash 14 years ago as borrowers are squeezed by a surge in interest rates, a closely watched survey found.
Australia’s central bank surprised investors for a second straight month with an interest-rate increase that suggested it’s worried about inflation expectations becoming unmoored if policy isn’t tightened further.
Asian family offices are turning more bearish on property than any other asset class, as interest rates rise and a potential recession looms, according to a Preqin survey.
Many of the biggest corporate employers plan to reduce the amount of office space they occupy over the next three years, underlining the changes set to reshape the commercial real estate market.
Australia’s central bank unexpectedly raised its key interest rate and kept the door open to further hikes, fretting that policy needs to be tighter in order to be confident that inflation will return to target in mid-2025.
May 4, 2021
, BNN Bloomberg
Runaway home-price growth in Canada's largest housing market stalled last month amid signs prospective homebuyers could be tapped out.
There were 13,663 property sales across the Greater Toronto Area in April, according to data released Wednesday by the Toronto Regional Real Estate Board (TRREB). While that represents a 362 per cent surge compared to a year earlier, when activity was decimated at the onset of the pandemic, it was a sequential drop of almost 13 per cent compared to sales logged in March.
It was a similar story for the average selling price in April, which surged 33 per cent year-over-year to $1,090,992 -- marking a modest downturn from the record that was set in March.
"It makes sense that we had a pullback in market activity compared to March. We’ve experienced a torrid pace of home sales since the summer of 2020 while seeing little in the way of population growth. We may be starting to exhaust the pool of potential buyers within the existing GTA population. Over the long term, sustained growth in sales requires sustained growth in population,” said TRREB President Lisa Patel in a release.
Across the four major home categories tracked by TRREB, only condos and semi-detached properties bucked the price trend by posting region-wide sequential price growth. Meanwhile, the average price of a coveted detached home in the City of Toronto slipped almost three per cent to $1,699,756.
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