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Current home prices in Canada can’t be justified if medium-term interest rates stay elevated, a former Bank of Canada official said, underscoring the risk to one of the country’s most important sectors.
Treasury 10-year and 30-year yields reached new multiyear highs Monday as a selloff in bonds resumed in the kickoff to trading in the final quarter of the year.
New Zealand’s central bank is expected to keep interest rates on hold 10 days out from a general election, but policymakers may leave the door open to another increase if needed to tame inflation.
Alecta, the Swedish pension fund embroiled in the SVB fallout and the country’s recent real estate turmoil, has announced that its chairman will leave with immediate effect.
The US Supreme Court rejected one of several pending challenges to New York’s decades-old rent-control system.
Sep 12, 2019
BNN Bloomberg
Liberal Party Leader Justin Trudeau said if re-elected his government would introduce new measures aimed at improving housing affordability, which would include a federal speculation tax on non-residents.
Trudeau said the one-per-cent annual levy would be modelled after the foreign buyers’ tax already in place in British Columbia. Ontario also implemented a similar tax under the previous provincial Liberal government.
In the announcement made from Victoria, B.C. on Thursday, Trudeau also said he would increase the value of a qualifying home in certain markets for the First-Time Home Buyers Incentive that was implemented earlier this month.
The cap on a qualifying home under the plan would increase to about $800,000 from $500,000 on homes in Toronto, Vancouver and Victoria if the Liberals win their re-election bid and would take effect in November.
Trudeau’s announcement came one day after he officially triggered the election campaign.
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