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House flipping tax could curb speculative foreign money, CIBC says
House flipping tax could curb speculative foreign money, CIBC says Tax on home flippers may be helpful, but most foreign investors are likely legitimate, Benjamin Tal says Canada lacks concrete data on the level of foreign investment in the country’s housing market, experts say. (Daniel Acker/Bloomberg) Canada may consider a tax on foreign investors flipping […]
Spanish Banks Brace for Ultimate Showdown
Spanish Banks Brace for Ultimate Showdown “Very serious threat … to Spain’s entire mortgage market”: Moody’s A bitter, long-simmering conflict finally appears to be reaching its finale in Spain. On one side of the divide are the country’s biggest banks and some of the world’s largest investment funds; on the other are hundreds of thousands […]
CMHC says many major housing markets showing signs of overvaluation
CMHC says many major housing markets showing signs of overvaluation Nine of the 15 largest Canadian housing markets are showing some signs of overvaluation, the CMHC said. Canada’s national housing agency says nine of Canada’s 15 largest housing markets are showing signs of being overvalued. The Canada Mortgage and Housing Corporation said in its quarterly […]
House affordability improving in some parts of Canada, National Bank says
House affordability improving in some parts of Canada, National Bank says Mortgage rates probably won’t be dramatically changed by the Bank of Canada’s benchmark overnight rate, economists say. (Sean Kilpatrick/Canadian Press) Amid the continuing escalation in housing prices in the Vancouver and Toronto areas, there are some places in Canada where home affordability is improving, […]
Residents Flee, Home Sales Collapse 44% Following Biggest Gas Leak In History
Residents Flee, Home Sales Collapse 44% Following Biggest Gas Leak In History The “Fukushima class disaster” that emerged from Aliso Canyon’s worst ever gas leak has left behind more than just medical and human issues. According to RealtyTrac, in the three months following the discovery of the gas leak in late October 2015, home sales in the Porter Ranch zip code (91326) […]
Danish Central Bank Warns Of “Risk Illusion”, Fears “Fire Sale” Plunge In Asset Prices
Danish Central Bank Warns Of “Risk Illusion”, Fears “Fire Sale” Plunge In Asset Prices Having slashed rates below zero and unleashed various rounds of asset-purchases, the Riksbank (Denmark’s central bank) recently warned the rest of the world that “we have reached the limits of monetary policy.” Now, however, Denmark’s Systemic Risk Council has raised the financial system warning […]
Vancouver, Toronto home buyers not ‘reckless,’ just numerous
Vancouver, Toronto home buyers not ‘reckless,’ just numerous National Bank economist says household formation, not speculation, is driving up prices National Bank economist says even Vancouver apartments may not be overvalued by world standards. (Canadian Press) First-time buyers looking to take the home-ownership plunge in Vancouver and Toronto, Canada’s two hottest markets, are far from […]
Chinese Take Over Canada’s Real Estate Market, Buy One-Third Of All Vancouver Homes Sold In 2015
Chinese Take Over Canada’s Real Estate Market, Buy One-Third Of All Vancouver Homes Sold In 2015 “Housing in Vancouver is insane — it was insane when I left and it’s more insane now.” That’s from 33-year-old Kevin Oke, co-founder of LlamaZoo Interactive who left Vancouver for Victoria two years ago because he couldn’t afford to buy a […]
Norway’s Interest Rate Conundrum
Norway’s Interest Rate Conundrum Current Situation The ECB recently stimulated more than expected, cutting rates by five basis points and expanding quantitative easing. It is already expected that Norges Bank (The Norwegian Central Bank) will cut rates next week, seeing accelerating inflation as temporary. They have a 2.5% inflation target mandate “over time,” giving them lee-way. They see demand […]
How Vancouver Is Being Sold To The Chinese: The Illegal Dark Side Behind The Real Estate Bubble
How Vancouver Is Being Sold To The Chinese: The Illegal Dark Side Behind The Real Estate Bubble One month ago, when describing the latest in an endless series of Vancouver real estate horror stories, in this case an abandoned, rotting home (which is currently listed for a modest $7.2 million), we explained the simple money-laundering dynamic involving Chinese “investors” […]
Australia’s Housing Bubble: In the Grip of Insanity
Australia’s Housing Bubble: In the Grip of Insanity Perverse Incentives We haven’t written about Australia’s residential real estate bubble for some time (readers may want to check out last year’s post “Australia’s Bubble Trouble”, which contains numerous relevant charts and data). Property auction in Sidney Our friend Jonathan Tepper of Variant Perception has recently visited […]
Average house price in Canada up 17% in January to $470,297
Average house price in Canada up 17% in January to $470,297 House prices increased by an astounding 17 per cent in January, CREA said. (Patrick T. Fallon/Bloomberg) The average price of a Canadian home sold in January increased by 17 per cent to $470,297 compared to the same month a year ago. Home sales were higher […]
New mortgage rule might ‘temper’ hot markets, but not for long
New mortgage rule might ‘temper’ hot markets, but not for long Starting Feb. 15, mortgage insurers require 10% down payment on portion of mortgages above $500K Vancouver and Toronto saw real estate prices, particularly for detached and semi-detached home, continue to rise last year. Most other markets saw only modest increases, or even decreases in […]
Hong Kong Housing Bubble Suffers Spectacular Collapse: Sales Plunge Most On Record, Prices Crash
Hong Kong Housing Bubble Suffers Spectacular Collapse: Sales Plunge Most On Record, Prices Crash Two months ago, we observed the record plunge in Hong Kong home sales when according to Land Registry data, a paltry 2,826 registered residential transactions were record, down 14.4% from October and what we thought was an amazing 41.7% less than in November […]
Average Canadian house price up another 12% to $454,342
Average Canadian house price up another 12% to $454,342 But if B.C. and Ontario are stripped out, average house price declined by 2.2% last year Hot markets in Toronto and Vancouver are skewing the national average price of a Canadian home higher, CREA says. (Daniel Acker/Bloomberg) The average price of a Canadian home increased by […]
