Singapore Home Sales Drop on Weaker Demand for Projects
Sales of new homes in Singapore fell after a brief surge, in a sign of fragile sentiment in the nation’s once-booming property market.
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Sales of new homes in Singapore fell after a brief surge, in a sign of fragile sentiment in the nation’s once-booming property market.
China is considering a proposal to have local governments across the country buy millions of unsold homes, people familiar with the matter said, in what would be one of its most ambitious attempts yet to salvage the beleaguered property market.
Forecasters expect a monthly report on US consumer prices to show inflationary pressures moderated in April after three straight worse-than-anticipated readings to start the year.
Chinese buyers are temporarily shunning Russian aluminum, as commercial realities intrude on the push to deepen bilateral trade ties.
New York Community Bancorp, disposing of assets and freeing up cash after its rescue by investors, agreed to sell about $5 billion of loans to JPMorgan Chase & Co.
Apr 12, 2024
The Canadian Press
A new report says the asking rent for a home in Canada in March was up 8.8 per cent compared with a year ago, but down from February.
The report by Urbanation, which analyzes monthly listings from Rentals.ca, says the average asking rent for all home types was $2,181 last month.
On a month-over-month basis, asking rents in March were down 0.6 per cent.
Based on the report, the average asking rent for a one-bedroom unit in Canada was $1,915, up 11.3 per cent from a year ago, while the average asking price for a two-bedroom was $2,295, up 10.6 per cent from March 2023.
Overall, asking rents for purpose-built rental apartments in March increased 12.7 per cent compared with a year earlier to reach an average of $2,117. Condominium apartment rents averaged $2,321, up 3.9 per cent from March 2023.
The federal government has vowed to tackle the increasing financial pressure renters are facing. Late last month, Prime Minister Justin Trudeau announced a bill of rights for renters, among other supports.
The bill of rights, to be developed and implemented in partnership with provinces and territories, would require landlords to disclose a clear history of apartment pricing "so renters can bargain fairly."
The measures would also make sure rental payment history is taken into account on credit scores, giving first-time buyers a better chance at getting a mortgage with a lower interest rate.
The increase in the national average came as the average asking rents for purpose-built and condominium apartments in B.C. fell 1.9 per cent year-over-year to $2,494.
Ontario had the second highest average asking rents last month, edging up 0.4 per cent from March 2023 to reach $2,410.
Alberta and Saskatchewan posted the fastest-growing rents, with total average asking prices up 18.3 and 18.2 per cent annually last month, respectively, to reach $1,728 and $1,297.
On a municipal basis, average asking rents in Vancouver moved down 4.9 per cent to $2,993 last month. While Vancouver rents remain the highest among Canada’s largest cities, it marks the first time since July 2022 that they fell below the $3,000-level.
Toronto's average rental prices also declined 1.3 per cent to $2,782, representing the third consecutive month of annual rent declines.
The strongest rent growth among Canada’s largest cities was in Edmonton, reaching an average of $1,507 in March — a 15.9 per cent gain from the same month in 2023.
This report by The Canadian Press was first published April 12, 2024.