Sunday, September 16, 2018

Canada’s world home price ranking slumps


Canada’s home price increases are challenging for first-time buyers and those hoping to trade-up but they have not kept pace with some eyewatering rises elsewhere.

And that means that Canada has slumped from the 4th in the Knight Frank Global House Price Index last year to 37th this year.

The index, ranked by annual percentage changes in house prices, has Malta at the top with a 16.9% annual rise in prices, followed by Hong Kong (15.9%), Latvia (13.7%), Slovenia (13.4%), and Hungary (12.0%). Ireland and Turkey are the only other countries to see a double-digit annual gain.

Canada saw an increase of 2.9%, just behind the UK (3%) and around half the increase in the United States (6.2%).

In 2017’s rankings, Canada was fourth with an annual increase of 14.2%.

The report highlights that many of the previously hot markets including China and Australia have slowed as a cocktail of political and economic uncertainty, and rising mortgage rates, have weakened demand.

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