Home sales unexpectedly drop nearly 2% in April amid high mortgage rates and rising prices
High mortgage rates and rising prices are dampening the spring home-buying season, with existing home sales falling and median prices hitting a record high. [ more ]
Canadians owe more than $2 trillion in mortgage-related debts, CMHC says | CBC News
Mortgage debt growth in Canada slowed significantly in February due to high borrowing costs and uncertainty about the Bank of Canada's interest rate, but this slowdown is expected to be short-lived. [ more ]
Swedish central bank: Fewer risks to financial system but future still uncertain
Near-term risks have declined, but uncertainty remains. Financial conditions are improving due to lower inflation and expected rate cuts, yet policy rates could stay high.
Geopolitical instability, such as conflicts in Ukraine and the Middle East, can raise risks of cyberattacks, impacting the economy globally. [ more ]
The Cambridge City Council is considering eliminating single-family-only zoning to allow multifamily housing and incentivize affordable units, similar to New York City's approach. [ more ]
With fewer Californians and more construction, where are the housing bargains?
California's population decreased, housing stock increased, yet cost of living remained high due to economic factors like expensive mortgages and high demand.
The addition of mostly pricier housing options in California did not lead to affordability improvements, with factors like demand from investors and low unemployment contributing to high housing costs. [ more ]
To Buy a Home in SoCal, a Family Needs to Make $208K a Year
Home buyers in Southern California need over $200,000 yearly to buy a typical home, with affordability challenges increasing due to rising mortgage costs. [ more ]
Fannie Mae reported $4.3 billion in net income in the first quarter, citing growth in net worth, driven by fair value gains and benefit for credit losses, amidst challenges in the housing market. [ more ]
California's population grows for the first time since the COVID-19 pandemic
California's population grew by over 67,000 in 2023 after the first increase since 2020, attributed to factors like rebounded immigration and natural population increase. [ more ]
Americans Are Flocking South To Outrun Home Prices-This Is Where They're Moving From
Americans are moving south for warmer weather, bigger homes, and more space, especially post-COVID-19.
The top 10 fastest-growing counties in the U.S. are primarily in Florida and Texas, showing a trend towards affordable living and away from high-priced coastal areas. [ more ]
Greens demand rent controls in London as mayoral race enters final days
The Government and Labour leader oppose rent controls. The Greens propose freezing private rents for two years and involving landlords in the process to prevent the market from collapsing. [ more ]
Apartment construction surged last year but demand still outpacing supply, says CMHC | CBC News
High demand outstrips supply in major Canadian cities despite a surge in new apartment construction.
Toronto, Vancouver, and Calgary saw an increase in total housing starts, while Montreal experienced a significant decline in apartment starts. [ more ]
The No. 1 Reason Homeowners Are Dropping a Bundle on Renovations Right Now
Homeowners are spending 60% more on renovations from 2020 to 2023 due to factors like low inventory, rising home prices, and high mortgage rates.
Many homeowners are choosing to invest in renovations for their current homes rather than moving, with 62% planning to stay put for an additional 11 years. [ more ]