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Toronto Home Sales Spiked by 18.6% in July
A total of 6,961 property sales took place in the Greater Toronto Area in July, an 18.6% year-over-year increase. The detached home market saw the largest gains, with a 26.8% increase, though every segment of the market was on an upswing for the month. Supply also dropped by 1.8% in the same period, while the average sales price rose 4.8%, up to $782,129.
U.K. Home Prices Saw Modest Growth in July
Home prices across the U.K. were up 0.6% month-to-month in July, while annual growth was at 2.5%, according to the latest index. “Subdued economic activity and ongoing pressure on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year,” said Nationwide chief economist Robert Gardner. Annual growth has stayed mostly between 2% and 3% for the past year, and low supply and unaffordable prices are expected to keep the market sluggish.
As Outbound Chinese Investment Plummets, Hong Kong Is the Exception
New restrictions on the market have caused China’s outbound property investment to dramatically decrease in the first half of the year, taking a 37% drop down to US$9.9 billion, according to Cushman & Wakefield. In the second quarter, investments plunged 45% down to US$4.3 billion, compared to US$42.2 billion the previous year. However, Chinese investment in Hong Kong property is still going strong, increasing by 23% in the first six months of the year, to a total of US$6.58 billion, 80% of the total outflow of Chinese money into foreign property.
Vancouver Home Sales Hit Their Lowest Level in 18 Years
In July, 2,070 properties sold in Metro Vancouver, a 30% year-over-year drop in transactions, and the lowest rate of sales in 18 years, according to the Greater Vancouver Real Estate Board. Inventory was up 32% year-over-year, as well, though prices were still growing, up 6.7% year-over-year to a benchmark price of $1.1 million. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being,” said board president Phil Moore.
AROUND NEWS CORP
De Beers Heiress Lists UFO-Style Home for a Record $11 Million [The Wall Street Journal]
Raising a Family? You May Want to Live Here [MarketWatch]
Carl Icahn’s Daughter Nabs Opera Icon’s Central Park Pad for $4.5M [New York Post]
Love Animals and the Environment? Turn Your Yard Into a Certified Wildlife Habitat [realtor.com]