New Zealand real estate’s epic run is fast approaching its end, and a correction looms. That was the take in the Reserve Bank of New Zealand‘s (RBNZ) May 2022 Financial Stability Report. The central bank called housing unsustainable and said gradual price declines are desirable. However, they warn a significant correction is possible. New Zealand […]
The US central bank is desperately trying to signal things are under control, despite letting inflation slip. The Federal Open Market Committee (FOMC) voted to make the largest rate hike in over 20 years. They won’t stop there, though, they hinted at similar hikes for at least the next two meetings this year. Quantitative tightening […]
Canada’s real estate industry is sounding the alarms on higher rates, warning it’ll “punish” buyers. However, these folks are blissfully unaware that mortgage costs are near record lows. In real terms, households have never had access to mortgages this cheap, which is part of the problem. Central banks distorted credit markets to the point mortgages […]
Easy come, easy go. Greater Toronto real estate prices have been booming, but are suddenly changing course. Toronto Regional Real Estate Board (TRREB) data shows prices pulled back in April. Home sales plummeted much faster than inventory, easing the pressure driving prices higher. Greater Toronto homes went from rising tens of thousands per month to […]
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Higher mortgage financing costs are derailing New Zealand’s hot real estate market. The CoreLogic New Zealand House Price Index shows home prices fell in April. It was the first decline for home prices at the national level since 2020. The firm notes two major markets even saw the biggest drop since the Global Financial Crisis […]
Greater Vancouver real estate is adjusting to a world with higher rates very quickly. Real Estate Board of Greater Vancouver (REBGV) data shows home sales fell sharply in April. They even fell faster than inventory, actually releasing pressure on prices to rise. Home prices are seeing growth decelerate fast as the region enters a “balanced […]
Greater Toronto real estate is doing some soul searching after soaring mortgage costs. Data from Altus Group and developer-group BILD GTA show new home sales cratered in March. Demand dropped across segments, but so did inventory. Despite scarce inventory, single-family home prices still saw the benchmark price drop. Toronto Single-Family Home Prices Slip, But Condos […]
Canadians are doing something uncharacteristic — they’ve slowed borrowing mortgage debt. Bank of Canada (BoC) data shows a big slowdown in new funds advanced for residential mortgages for February. A small seasonal monthly climb was present, but even so it was an oddly slow month. The past couple months look more like the slowdown of […]
Australia’s central bank raised interest rates for the first time in a decade to try and calm inflation. The Reserve Bank of Australia (RBA) hiked rates this morning, the first hike since 2010. The cash rate is now 0.35%, an increase of 25 basis points (bps). It’s not particularly high, but just a small increase […]
