Yellen Says Fundamentals Still Point to Slowing Inflation
US Treasury Secretary Janet Yellen said she still sees underlying price pressures receding even as a tight housing supply has helped stall the downward path of inflation.
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US Treasury Secretary Janet Yellen said she still sees underlying price pressures receding even as a tight housing supply has helped stall the downward path of inflation.
About $52 billion, or 31%, of all office loans in commercial mortgage bonds were in trouble in March, according to KBRA Analytics.
Central Puerto SA, Argentina’s biggest power supplier, is in talks to invest in Canadian miner McEwen Copper Inc.’s Los Azules project, according to people familiar with the matter.
Real estate transactions registered in Hong Kong nearly doubled in April, hitting a three-year high, just months after the government took steps to revive the market.
It was a move that rattled the commercial mortgage-backed securities market: the firm brought in to wind down a deal tied to an ill-fated apartment venture held onto more than $160 million that bondholders were expecting to get back.
May 21, 2021
Bloomberg News
,The hot Montreal housing market was just added to the Bank of Canada’s watch list, but the Quebec government isn’t worried, at least not yet.
Low interest rates and a pandemic-led rush for extra space have dramatically pushed up prices for residential real estate, and the Quebec government is “paying close attention,” Finance Minister Eric Girard said in an interview.
Even as homes in Montreal become more expensive, the fundamentals of the market remain “really strong,” Girard said, noting that prices are still much cheaper than in cities like Toronto and the economy is enjoying a strong recovery. “It’s still an affordable city,” he said.
The median price for a detached house climbed 18 per cent in metropolitan Montreal last year and was up 31 per cent in the four months through April, to $473,000 (US$391,000), according to the Quebec Professional Association of Real Estate Brokers. Condo price increases weren’t far behind, up 23 per cent.
Girard said he welcomes moves by the banking regulator and by Quebec’s financial regulator to tighten lending qualification rules. The province, Canada’s second-largest, is considering its own measures to ensure house hunters don’t waive property inspections to win deals against other bidders, he said.
“We want to be really sure that buyers remain prudent,” Girard said.
Montreal was one of three Canadian urban markets the central bank flagged Thursday as showing excess “exuberance,” a notable distinction in a country where real estate is soaring almost everywhere.
The Canadian Real Estate Association’s Home Benchmark Price in Montreal was $483,200 in April, versus $1 million in Greater Toronto and $636,000 in Ottawa.