Residential property sales in Canada fell for a fourth month in a row in December while prices fell by almost 5%, the latest agent index shows.
Asia is finally succumbing to the global property slowdown that’s jolted homeowners and investors from Vancouver to London, with markets in Singapore, Hong Kong and Australia showing fresh signs of softening.
Rising interest rates are limiting access to mortgage financing and negatively impacting home buyer sentiment in Canada going into 2019, according to the latest forecast from estate agents.
Sales in the residential property market in Canada have continued to fall, down by 2.3% month on month in November and now 12.6% lower than a year ago.
CMHC, responsible for insuring the bulk of Canadian mortgages issued by banks and other big lenders, uses annual stress tests to gauge its resilience to extreme scenarios. It began publishing the results in 2015
Chicago may be freezing cold for parts of the year, but it has one big advantage over global cities such as New York, London and Hong Kong: it’s affordable.
Housing market dangers are “especially acute” in Australia, Hong Kong, Canada and Sweden, Oxford Economics said, noting this has historically posed a threat to economic activity.
The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices increased 0.8 % on a monthly basis
Statscan revised April's figures to show a 4.7 % decline, slightly larger than the 4.6 % drop initially reported
Home prices in Greater Vancouver have rocketed upward over the past decade. In the past three years alone, they have increased more than 40 percent, said Phil Moore, the president of the Real Estate Board of Greater Vancouver.
Opt in here