Billionaire Stephen Ross Believes in South Florida—and Is Spending Big to Transform It
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
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The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
A South Florida office skyscraper from Related Cos. landed new finance tenants, including a John Paulson business and a private equity firm that counts Mark Bezos as a founding partner.
Oracle Corp. is moving its headquarters out of the city. Tesla Inc. is pulling back after a rapid expansion. Almost a quarter of commercial office space is vacant, and nowhere in the country have residential real estate prices fallen further from their pandemic peak.
Mortgage rates in the US increased for a fourth straight week.
May 12, 2017
Reuters
,Canadian home prices rose in April, data showed on Friday, lifted once again by hefty price gains in the hot Toronto market, which some fear is becoming overheated.
The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices rose 1.2 per cent last month, making for the fifteenth consecutive month national prices have increased.
In the Toronto market, which some economists have called a bubble, prices climbed 2.6 per cent, while nearby Hamilton was up 2.1 per cent. Indexes for both cities were at record highs.
Compared to a year ago, prices were up 26.3 per cent in Toronto and 22.9 per cent in Hamilton, a record pace for both, the report said.
The rapid growth in Toronto home prices has spread to surrounding regions, including Hamilton, as potential buyers are priced out of Canada's largest city. The provincial government announced measures at the end of last month to try to cool the Toronto market, including a tax on foreign buyers.
The report pointed to tight market conditions as demand exceeds the supply of homes for sale, a factor that has been partly blamed for rising prices.
In Vancouver, where the British Columbia government imposed its own foreign buyers tax last August, prices dipped 0.1 per cent on the month. Nonetheless, prices remained just 0.3 per cent away from the peak seen last year.
Elsewhere in the province, prices climbed 1.5 per cent in Victoria.
Canada's housing market has been generally robust in the years since the global financial crisis, partly fueled by low interest rates, but concern over consumer indebtedness and housing affordability has become more prominent recently.
Moody's on Thursday downgraded the ratings of Canada's major banks, citing rising household debt and the hot housing market.