Global Housing

5

Canadian house price growth bounces from post-GFC low

By Leith van Onselen The Teranet-National Bank House Price Index for September has been released, which shows that Canadian house price growth has bounced from last month’s post-Global Financial Crisis (GFC) low: In the year to September, Canadian home values rose by just 2.1%, up from 1.4% last month. The rebound was driven by Toronto,

2

London housing posts weak recovery

By Leith van Onselen Acadata has released its latest house price results for the UK, which shows that values in London are rebounding after a period of price falls. However, in real inflation-adjusted terms, property values are still declining across the UK: Monthly prices rose modestly in August. They were up just 0.1%, but it

7

Canadian housing market weakest since GFC

By Leith van Onselen The Teranet-National Bank House Price Index for August was released overnight, which shows that Canadian house price growth has stalled, growing at the slowest annual rate since the Global Financial Crisis (GFC): In the year to August, Canadian home values rose by just 1.4% –  the slowest growth since October 2009.

12

UK first home buyers a model PM Property Council?

By Leith van Onselen Back in 2013, , the UK central government launched “Help-to-Buy“, a scheme that provided government mortgage guarantees to marginal borrowers that would not otherwise qualify for a loan. At the time, Help-to-Buy was denounced by the Office of Budget Responsibility and the Treasury alike, who claimed that the scheme would do nothing

24

Toronto house prices recovering after sharp plunge

By Leith van Onselen Toronto’s housing market is showing further signs of life after both prices and sales abruptly plunged. The Teranet-National Bank House Price Index for July was released overnight, which shows that house prices in Toronto are rebounding after plunging 7.4% between July and December 2017: As at July, Toronto values were 4.0% below

6

London house price rebound driven by top end

By Leith van Onselen Acadata has released its latest house price results for the UK, which shows that values in London have begun to rebound after a period of price falls, driven by the top-end of the market: Average prices in England and Wales were slightly down in June, falling by 0.2% from May, although

14

Toronto house prices rebounding after sharp plunge

By Leith van Onselen Toronto’s housing market is showing signs of live after both prices and sales abruptly plunged. The Teranet-National Bank House Price Index for June was released overnight, which shows that house prices in Toronto have begun to rebound after plunging 7.4% between July and December 2017: As at June, Toronto values were 4.8%

13

What London and Sydney have in common

By Leith van Onselen The Financial Times (FT) has published an interesting article on how young Londoners are fleeing the city for other regions of the UK, forced-out by exorbitant housing costs: Knight Frank, the estate agent, has analysed the latest migration data from the Office for National Statistics, which tracks internal moves within the

14

The property gooses are coming for Canada

Canada may well be presaging the Australian property market with buying conditions in May falling well below expectations. And its the fault of the millenials of course: New mortgage regulations which are now in full swing have stymied fringe buyers, particularly millennials. According to new data from credit bureau TransUnion, new mortgage originations among millennials in Canada

11

Toronto house prices find bottom after sharp plunge

By Leith van Onselen Toronto’s housing market appears to have stabilised after both prices and sales abruptly plunged. The Teranet-National Bank House Price Index for May was released overnight, which shows that house prices in Toronto have begun to rebound after plunging 7.4% between July and December 2017: As at May, Toronto values were 5.9% below

1

Land-use restrictions drive-up Canadian housing costs

By Leith van Onselen The CD Howe Institute has released a new study on how excessive land-use restrictions and planning barriers are driving up the cost of Canadian housing: In any competitive market without barriers to entry, regardless of the product being sold, the overall market price should equal its marginal cost of production. The

4

London house prices continue to fall

By Leith van Onselen Acadata has released its latest house price results for the UK, which shows that values in London continue to fall: The retreat in house prices continued in April, and this is now the eleventh month in which the annual rate of house price growth has slowed, albeit at an ever-reducing rate.

2

Young Americans left behind in post GFC recovery

By Leith van Onselen The Federal Reserve Bank of New York (FRBNY) has released research examining “Home Prices, Housing Wealth and Home Equity Extraction”, which reveals that US home prices has finally rebounded above their pre-GFC peak: Home ownership has returned to is long-run (lower) ‘normal’ level: But like in Australia, has collapsed for younger

12

Real estate hucksters hit Toronto

By Leith van Onselen Canada and Australia have a lot in common. Both economies are commodity exporters. Both countries have experienced high rates of immigration. Both countries largely dodged the global recession that shocked the developed world. Both were said to have world-beating banking systems. And both nations have amongst the developed world’s most expensive housing, when measured

30

Toronto house prices find bottom after sharp plunge

By Leith van Onselen Toronto’s housing market appears to have stabilised after both prices and sales abruptly plunged. The Teranet-National Bank House Price Index for April was released overnight, which shows that house prices in Toronto have been stable for five months after plunging 7.1% since July 2017: Annual price growth in Toronto has also

5

London house prices continue to fall

By Leith van Onselen Acadata has released its latest house price results for the UK, which shows that values in London continue to fall: The rate of annual house price growth slowed for the tenth successive month in March to 0.7%, compared to 5.1% a year ago. The average house price in England and Wales

4

IMF: Why house prices are now globally synchronised

By Leith van Onselen The International Monetary Fund (IMF) has released a new report which shows that global forces have been a major driver of growth in house prices in Australia and abroad over recent decades. The report notes that house price growth has become increasingly synchronised at both city and country level, particularly since

9

As UK takes action, Australia ignores property money laundering

By Leith van Onselen This time last year, Transparency International ranked Australia as having the weakest anti-money laundering (AML) laws in the Anglosphere, failing all 10 priority areas. By contrast, the UK was ranked as having the strongest AML laws in the Anglosphere, failing just one out of 10 priority areas. Despite the polar opposite findings,

15

London house prices falling at fastest pace since GFC

By Leith van Onselen From Bloomberg comes news that London’s house prices are falling at their fastest pace since the Global Financial Crisis: London house prices are falling at the fastest pace since the depths of the recession almost a decade ago, with the capital’s most expensive areas seeing the biggest declines. Average prices fell

7

Housing affordability drives cost-of-living

By Wendell Cox, cross-posted from New Geography: Housing affordability is what largely drives the standard of living the United States. The 14th Annual Demographia International Housing Affordability Survey showed that, in 2016, there was a 0.83 correlation between the housing unaffordability, measured by the Median Multiple (median house price divided by median household income) and

21

Canadian house prices fall for third straight month

By Leith van Onselen Just weeks after Moody’s warned that Canada’s (as well as Australia’s) housing market (and banks) were at risk, Teranet has reported its results for November, which recorded its third consecutive fall in Canadian home values, let by Canada’s biggest city Toronto: In November the Teranet–National Bank National Composite House Price Index™

26

Canadian housing entering “severe correction”

Via Bloomie: Canada’s banking regulator released final rules that will make it tougher for borrowers to take on uninsured mortgages, adding to a growing list of measures to rein in the nation’s housing markets. The Office of the Superintendent of Financial Institutions announced measures targeting borrowers in the uninsured segment of the mortgage market that has been responsible for

25

Rise of the housing YIMBYs

By Leith van Onselen For years I have argued that markets where land supply is unresponsive (inelastic) – via planning constraints or geographical barriers – are far more prone to suffer from more expensive housing, higher house price volatility, and bigger boom and bust cycles than markets where land supply is relatively responsive (elastic) to

121

It’s time for a global Millennials revolt

By Leith van Onselen This site has frequently railed against the unfair treatment leveled at Australia’s Millennial generation. This inequity is most apparent in the housing market, where today’s younger generations are being forced to pay far more than their parents to live in smaller and poorly located accommodation. But it extends beyond housing and