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(Bloomberg) -- The prospect of declines in home prices as mortgage rates soar are hitting homebuilding stocks hard. Whether the low valuations present opportunities for investors, however, depends on what happens to the housing market.
Mortgage rates in the US fell, shifting direction after a six-week streak of gains that sent borrowing costs to a 15-year high.
The average asking price for Spanish homes rose to €2,011 per square metre in September, the highest level since May 2012, as buyers look to make purchases before further increases in mortgage rates.
The cost of a five-year fixed-rate mortgage breached 6% for the first time in more than a decade as UK Chancellor of the Exchequer Kwasi Kwarteng meets with the nation’s biggest lenders.
Britain’s biggest mortgage lenders will urge Chancellor Kwasi Kwarteng to extend a program which helps first-time buyers purchase a property at a meeting Thursday, Sky News said, without saying how it obtained the information.
Jun 28, 2021
, BNN Bloomberg
Demand for rental properties in the Greater Toronto Area is showing signs of a slow recovery after suffering a severe blow from COVID-19, a new report showed.
The average rental rate per square foot in the GTA for all property types rose to $1,999 in May, up $22 from the previous month, according to data by Bullpen Research & Consulting and TorontoRentals.com. Rental rates in the city rose 2.2 per cent since January to $2.80, the report said.
The increase indicates rates may have hit a bottom in the first quarter of 2021 following the sharp declines seen throughout 2020 due to the pandemic. Monthly rents were still down in May by 11.4 per cent year-over-year.
The average monthly rent for condos in the GTA increased 1.7 per cent month-over-month to $2,109, according to Bullpen Research. Rental apartments remained steady, seeing only a 0.3 per cent monthly increase to $1,900 while monthly rental rates for single-family homes rose by 1.3 per cent month-over-month to $2,859.
The report said Toronto may be only two to three months away from experiencing the strong lease-up activity currently seen in other large American cities including New York, San Francisco and Chicago.
“With Toronto entering the next stage of COVID-19 reopening, tenants will be reminded of the benefits of a centrally located apartment or condominium rental, as patios fill up and boutique retail shops open,” said Ben Myers, president of Bullpen Research, in a statement.
Bullpen forecasts GTA rental rates will grow by 12 to 14 per cent next year as COVID-19 restrictions continue to be lifted.
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