With the global tourism industry in turmoil, Airbnb has axed one-quarter of its global workforce: In the note, written by Airbnb CEO and co-founder Brian Chesky, the company said that 1,900 employees will be laid off, or 25.3% of its 7,500 workers. The layoffs will impact a number of internal product groups, including Transportation and
The Teranet-National Bank House Price Index for February has been released, which shows that Canadian house prices rose another 0.4% across the 11 major markets, with annual growth improving to 2.9%: After falling for 14 straight months, Vancouver house prices have clearly bottomed, rising by 1.6% since their trough in September 2019. However, Vancouver’s house
Yesterday, we learned that Italy has suspended mortgage repayments amid the coronavirus crisis: Italy’s deputy finance minister has said the government will suspend mortgage payments and other household bills across the entire country during the coronavirus outbreak. Laura Castelli, part of the Five Star Movement side of Italy’s coalition government, said in an interview with
The Teranet-National Bank House Price Index for January has been released, which shows that Canadian house prices rose another 0.1% across the 11 major markets, with annual growth improving to 2.1%: After falling for 14 straight months, Vancouver house prices have clearly bottomed, rising by 0.8% since their trough in September 2019. However, Vancouver’s house
The Teranet-National Bank House Price Index for December has been released, which shows that Canadian house prices rose by 0.2% across the 11 major markets, with annual growth improving to 2.0%: After falling for 14 straight months, Vancouver house prices have bottomed, rising by 0.6% since their trough in September 2019 However, Vancouver’s house prices
The Economist has published an article on the West’s “horrible housing blunder”, which pins the blame for unaffordable housing well and truly on supply-side constraints, combined with inefficient demand-side subsidies: At the root of that failure is a lack of building, especially near the thriving cities in which jobs are plentiful. From Sydney to Sydenham,
The Teranet-National Bank House Price Index for September has been released, which shows that Canadian house prices rose by 0.1% across the 11 major markets, with annual growth improving to 0.7%: However, prices in Vancouver continued to fall, declining by 0.5% in September and down 7.4% since peaking in July 2018. Meanwhile, the Real Estate
The Teranet-National Bank House Price Index for August has been released, which shows that Canadian house prices rose by 0.4% across the 11 major markets, with annual growth improving to 0.6%: Across the three major markets, values fell by 0.8% in Vancouver in August, but rose by 0.8% in Toronto and by 1.1% in Montreal.
Vancouver’s speculation and vacancy tax is proving hugely successful, raising $115 million and exceeding the target set out in last year’s budget, and more than 2,500 homes found to be vacant: To date, the province has collected $115 million from property owners in major urban centres deemed to be extremely unaffordable and subject to land
The Teranet-National Bank House Price Index for June has been released, which shows that Canadian house prices rose by 0.8% across the 11 major markets, with annual growth falling to 0.5%: Across the three major markets, values fell by 0.3% in Vancouver in June, but rose by 1.3% in Toronto and by 0.8% in Montreal.
By Leith van Onselen The Teranet-National Bank House Price Index for May has been released, which shows that Canadian house prices rose by 0.5% across the 11 major markets, with annual growth falling to 0.7%: Across the three major markets, values fell by 0.2% in Vancouver in May, but rose by 0.7% in Toronto and
While the Canada Mortgage and Housing Corporation (CMHC) has advised the Canadian Government to maintain strong macroprudential controls to prevent irresponsible lending, the Government is doing the opposite, summoning the first home buyer (FHB) patsies in a scheme that will launch on 2 September. From Global News Canada [my emphasis]: Under the plan, the government would
By Leith van Onselen Acadata has released its latest house price results for the UK, which shows that annual price growth climbed back into the black driven by a rebound in London: In the year to May, UK house prices climbed by 0.3% (up from -0.1% in April), driven by Greater London where value losses
By Leith van Onselen Back in March, The AFR has published a propaganda piece claiming “Millennials don’t want to buy Boomers’ sprawling, multi-bedroom homes”: Boomers and Millennials also want very different types of houses… Fifteen years ago, Boomers were building large, elaborate houses in states like Arizona, Florida, North Carolina, and South Carolina, The Wall
While Australia’s captured prudential regulator, the Australian Prudential Regulatory Authority (APRA), is busy cutting lending standards, in the form of the shredded interest rates buffer, just months after the Hayne Royal Commission lambasted Australia’s banks for shoddy lending, and just five months after APRA said is was permanent. The head of Canada’s state-run mortgage insurer,
By Leith van Onselen The Teranet-National Bank House Price Index for April has been released, which shows that Canadian house prices were flat in April with annual growth falling to 1.2%: Across the three major markets, values fell by 0.4% in Vancouver in April and by 0.2% in Montreal, whereas values rose by 0.3% in
By Leith van Onselen Late last year, Global News Canada reported that Chinese organised crime had laundered around $1 billion through Vancouver property in 2016, and $5 billion since 2012, which helped to partly explain Vancouver’s explosive price growth: While the study only looked at property purchases in 2016, an analysis by Global News suggests
By Leith van Onselen Acadata has released its latest house price results for the UK, which shows that house prices are now falling in annual terms for the first time since February 2012: As shown above, house prices were down by 0.5% across the UK in the year to February, and down by 1.5% across
By Leith van Onselen The Teranet-National Bank House Price Index for February has been released, which shows that Canadian house prices fell 0.4% in February with annual growth falling to 1.9%: Across the three major markets, values fell by 0.7% in Vancouver in February and by 0.2% in Toronto, whereas values rose by 0.4% in
By Leith van Onselen The Teranet-National Bank House Price Index for November has been released, which shows that Canadian house prices were flat in January with annual growth falling: Across the three major markets, values fell by 0.3% in Vancouver in January, whereas values rose by 0.1% in Toronto and 0.2% in Montreal. In the
By Leith van Onselen Acadata has released its latest house price results for the UK, which shows that house price growth has fallen to its slowest level since April 2012, falling in real terms: Prices rose again in December – for the fifth month in a row – up 0.3%, or £875. Annual price growth
By Leith van Onselen From Bloomie comes analysis on how a synchronised housing bust is developing across global cities once considered ‘safe havens’: In Manhattan, the median condo price dipped below $1 million for the first time in three years. Hong Kong home values endured their longest losing streak since 2008, while prices in outer London neighborhoods fell for the first
Jeff Gundlach last night declared a global bear market: As the oil patch and US housing fray, the Fed is one and done for a last hike. So, I think Gundlach is wrong on US bond yields. On the trade war he is probably right though there is some upside risk as panicked economic managers
By Leith van Onselen Acadata has released its latest house price results for the UK, which shows that house price growth has fallen to its slowest level since April 2012, falling in real terms: House prices largely continue to flatline, and the rate of annual growth has fallen consistently since August. It now stands at
By Leith van Onselen The Teranet-National Bank House Price Index for November has been released, which shows that even though Canadian house prices fell in November, annual growth continues to bounce back from August’s post-Global Financial Crisis (GFC) low: Home values nationally declined by 0.3% in the month of November, driven by a 0.6% fall
By Leith van Onselen According to Global News Canada, Chinese organised crime laundered around $1 billion through Vancouver property in 2016, and $5 billion since 2012, and this partly explains Vancouver’s explosive price growth: The study findings, obtained by Global News, are a startling look at what police believe to be the massive money laundering occurring
By Leith van Onselen The cognitive dissonance on display at Interest.co.nz over the weekend was clear as day with two contradictory articles appearing side by side: one cautioning against lowering immigration and the other lamenting the huge increase in Auckland’s housing shortage: The second article on Auckland’s housing shortage is particularly alarming as it shows
By Leith van Onselen The Teranet-National Bank House Price Index for October has been released, which shows that Canadian house price growth continues to bounce back from August’s post-Global Financial Crisis (GFC) low: Home values nationally declined by 0.4% in the month of October, driven by a 0.8% fall in Vancouver and a 0.2% decline
By Leith van Onselen Acadata has released its latest house price results for the UK, which shows that house price growth has fallen to its lowest level in 6.5 years: House prices rebounded in October, up 0.4% – the first increase since February. The annual rate of price increases continued to slow, however, dropping to
By Leith van Onselen Acadata has released its latest house price results for the UK, which shows that house price growth has fallen to its lowest level in 6.5 years: Most regions saw annual price rises although average month on month growth (apart from in August) continued to slow, with a 0.1% drop in September
