European Real Estate Deals Slump to Lowest Level in 13 Years
The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
Latest Videos
The information you requested is not available at this time, please check back again soon.
The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
Investors are looking for the next policy domino to fall in Asia amid an escalating campaign against a resurgent dollar, after Indonesia used a surprise interest rate hike to defend the rupiah.
Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast Auto Ltd., providing the capital needed for expansion of the struggling electric vehicle maker.
Macrotech Developers Ltd., a real estate firm that operates under the brand name Lodha, expects pre-sales to grow about 20% in the year to March after reporting its highest ever quarterly revenue.
Distressed Indonesian property developer PT Agung Podomoro Land has hired financial advisory firm Kroll Inc. to advise on an exchange of $132 million of bonds due in June, according to people familiar with the plan.
Dec 21, 2017
BNN Bloomberg
,RBC Economics says housing affordability in Canada is at its worst level since in 27 years, with Vancouver, Toronto and Victoria being the least affordable markets in the country, according to RBC Economics’ quarterly affordability report.
Vancouver is still the least affordable market with 87.9 per cent of household income needed to cover the cost of mortgages.
Toronto and Victoria weren’t far behind with 78.4 per cent and 64.5 per cent, respectively, of household income needed to cover mortgage costs.
Affordability in Montreal and Ottawa is not yet a problem, according to the report, but “affordability tensions” could be emerging in those areas.
The most affordable region in Canada is Saint John, N.B. with 24.5 per cent of household income going toward mortgage costs.
With the Bank of Canada expected to raise interest rates next year, the report also forecasts a 75-basis-point rise in mortgage rates.
As a result, RBC argues household income would need to climb by 8.5 per cent in order to cover the hike in homeownership costs.
“At the end of the day that means that’s going to put added pressure on affordability going forward,” RBC Senior Economist Robert Hogue told BNN in an interview Thursday.
As homes in Canada’s hottest markets become less affordable, Hogue says housing policy should focus on the rental side going forward, arguing “owning a home is something for the wealthy.”