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BY THE NUMBERS
LISTING OF THE DAY
The house, on a car-less island, pays homage to the Herman Melville classic, with plenty of upscale touches. Read More
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Canada’s Housing Market Called ‘Highly Vulnerable’
The Canada Mortgage and Housing Corp. has warned that overvaluation and fast-growing prices in the second quarter of this year have left the nation’s markets “highly vulnerable” in Toronto, Hamilton, Vancouver, Victoria, and Saskatoon. In spite of a recent cool down, Toronto showed signs of price acceleration, per the Canada Mortgage and Housing Corp., and Vancouver showed signs of overvaluation, overheating and price acceleration. Housing starts are expected to decline by 2019, and existing home sales are expected to decline from their record levels set in 2016.
High London Prices Keep Young Professionals Stuck Renting
Young London professionals are holding off buying property for longer, thanks in large part to prohibitive housing prices and cooling rents, according to an analysis from Cluttons, the Consumer Data Research Centre, and University College London. Per their research, young professionals are forgoing homeownership in farther-flung areas in favor of larger homes (made affordable by roommates) that are more centrally located and offer a short commute. Property Wire
Three-Quarters of Vacant U.S. Homes Belong to Investors
As of the third quarter of 2017, 1.4 million U.S. residential properties are sitting vacant, according to the 2017 U.S. Residential Vacant Property and Zombie Foreclosure Report. That number brings the vacant property rate down to 1.58% from last year’s 1.63%, but vacant property rates rose in 81 of the 149 metropolitan areas studied, including Chicago, New York, St. Louis, Baltimore and Phoenix. The nation’s 1 million non-owner-occupied residential properties represented 75% of empty homes, and the highest investment property vacancy rates were seen in Michigan, Indiana, Kansas, Mississippi and Alabama.
Housing Sales Have Dropped in Nine Major Indian Cities
Housing sales have dropped 18% year-over-year in nine major Indian cities during the September quarter, according to a report from PropTiger.com. New launches of homes fell 53% during the same period, likely due to implementation of the new RERA real estate law. “Though the last quarter looks sluggish, the long term story for [the] residential market remains strong,” said PropTiger’s Ankur Dhawan. “With effective implementation of RERA, we expect growth of 30% to 40% on year on year basis in sales and new launches in the next quarter.”
New Zealand Moves to Ban Sales to Foreign Investors
New Zealand’s Prime Minister Jacinda Ardern announced this week that she will seek a renegotiation of the Trans-Pacific Partnership to legalize a ban on foreign purchases of existing homes in the country, where home prices have jumped by more than 50% in the past decade. New Zealand has become the sixth most popular market for Chinese investors, with many buyers rushing to snap up property ahead of possible new restrictions.
Apartment Approvals are Falling as Australia Hits the Top of its Market Cycle
Apartment approvals are making steep dropoffs in Australia’s big cities, according to a report from JLL, with development approvals in the year to August falling 23% in Sydney, 35% in Melbourne, and 57% in Brisbane. New lending restrictions have significantly tightened major markets, and JLL’s report noted that this year will likely mark the top of the supply cycle, with 4,500 units completed so far, and 3,300 more due by the end of the year.
AROUND NEWS CORP
7 Interior Designers Reveal Their Clients’ Strangest Obsessions [The Wall Street Journal]
Live Happily Ever After in a Listed House [The Times of London]
Media Power Couple Lists $3M Hamptons Farmhouse [New York Post]
What Is the Best Flooring for Dogs and Other Rambunctious House Pets? [Realtor.com]