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Rodeo Drive’s storefront windows display the world’s most expensive labels: Gucci handbags, Prada slingback pumps, Chanel perfumes.
Californians looking to buy a house face some of the country’s most expensive real estate prices and wildfires that threaten scores of housing tracts. Now there’s another obstacle: finding an insurer willing to cover their dream home.
The Real Estate Board of Greater Vancouver says May home sales rose 15.7 per cent from a year earlier.
The spring surge in Toronto house prices accelerated again in May, providing another sign of persistent inflation in parts of the Canadian economy before a central bank rate decision next week.
It’s being sold along with an acre of vines by a member of the prominent Sebastiani winemaking family.
May 20, 2021
, Bloomberg News
Mortgage rates in the U.S. rose for the first time this month.
The average for a 30-year loan was 3 per cent, up from 2.94 per cent last week, Freddie Mac data showed Thursday. It was the first time since mid-April that the rate was at or above 3 per cent.
Rates have see-sawed over the past few weeks as investors process economic data and look for signs of inflation triggered by the country’s recovery from the pandemic. There’s a growing consensus that the Federal Reserve may have to consider tapering its purchases of Treasuries and mortgage bonds if growth continues at its current pace, according to George Ratiu, senior economist at Realtor.com.
Cheap loans have fueled a rally in home purchases and given Americans more buying power even as bidding wars push up prices. The 30-year average hit a record low of 2.65 per cent in early January. It climbed above 3 per cent this year amid optimism about the rebound, then dipped below that benchmark, where it remained for four weeks.
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