Cities That Saw Huge Pandemic Price Growth May Be at Risk if Recession Hits
Rising mortgage rates have already dampened demand, especially in second-home hotspots. Read More
BY THE NUMBERS
TRENDING TODAY
LISTING OF THE DAY
In Chicago, a Family Home With an Environmentally Friendly Pedigree
The award-winning house has a three-story glass atrium and five-car underground garage. Read More
DESIGNER'S CORNER
Serenity Now: Relax Into Mood Lighting
Dimmers and a variety of light sources can help set a tone. Read More
NEWS BITES
Australian Property Prices Could Fall 15% Over the Next 18 Months
The latest Property Market Outlook report by PropTrack predicts a reversal for Australian home prices, which had seen steady growth throughout the Covid-19 pandemic. "Nationally, we are forecasting prices to fall by between 2% and 5% by the end of this year and then by a further 7% to 10% by the end of 2023," said Cameron Kusher, executive manager of economic research at PropTrack. While a potential 15% price drop may seem appealing to potential home buyers, they should keep in mind that home prices in the nation rose 35.1% since the start of the pandemic, so this possible fall will not even wipe out half of the property value gains. realestate.com.au
Oversupply Concerns Arise From Thailand's Foreign Ownership Plan
The Thai government's plan to allow foreign nationals to own land in the country has set off alarms with industry analysts who are concerned that the proposal will exacerbate an already oversupplied apartment market. The forthcoming plan would allow foreign nationals to own up to 0.39 acres of land provided they invest at least 40 million baht (US$1.09 million) in the nation over the next three years. The nation's capital, Bangkok, is already experiencing a glut of unsold apartments, with 47,000 units sitting empty through the first half of 2022. Industry insiders are concerned this oversupply will get worse if investors are instead drawn to landed property. If enacted, the foreign national land ownership plan will begin in September. South China Morning Post
British Columbia Leads Canada in Evictions
According to the latest data from the Canadian Housing Survey, British Columbia bests all other Canadian provinces when it comes to one dubious stat: evictions. The survey, conducted by Statistics Canada, found that in the five years to 2021, 3.6% of British Columbia households (or about 75,000 families) had been forced to leave their property by landlords, banks or the government. The higher rate of eviction in British Columbia is due in part, say analysts, to the province's simple eviction notice system. Vancouver Sun
Model/Actress Cara Delevingne Scored a Deal on 'Tonight Show' Host Jimmy Fallon's Apartment
Model. Actress. Real estate entrepreneur? It has been revealed that Cara Delevingne secured the Manhattan apartment she bought from "Tonight Show" host Jimmy Fallon at a deep discount. Located in the Gramercy Park East neighborhood, the combined four-unit triplex had an asking price of $15 million. Ms. Delevingne, however, purchased the home, in an off-market deal, for $10.8 million, which officially closed this month. The six-bedroom, five bathroom home spans 5,000 square feet and includes secret passageways as well as a hidden playroom. The Real Deal
AROUND NEWS CORP
England's Coastal Villages Are Quaint and Charming. Second Home-Owners Are Taking the Bait. [The Wall Street Journal]
4 Clear Signs This Raging Seller's Market Has Peaked—and a Buyer's Market May Be Slowly Moving In [Realtor.com]
This Housing Market Won't Be Like Last Time [Barron's]
Cancelling Holidays and Staying In: How Aussies Are Tightening Belts to Buy a Property [news.com.au]
