TORONTO, VANCOUVER, LONDON & SYDNEY PROPERTY MARKETS ARE LOSING TRACTION IT SEEMS

What went up is coming down, according to the Globe and Mail’s ‘Report on Business’, January 12/2019. The real estate boom is cooling around the world, and CANADA’s two top real estate markets are decelerating.

In SYDNEY residential property values have dropped 8.9%
LONDON prices in prime neighbourhoods have been lowered by 20%
NEW YORK median prices fell 5.8% in 2018
Greater TORONTO Area (GTA) total home sales fell 16% in 2018
Average TORONTO home prices slid 4.3%
In the VANCOUVER region housing sales dropped by 31.6%
Benchmark VANCOUVER home prices slipped 2.7%

The Swiss investment bank UBS, warned in a recent report that in both TORONTO and VANCOUVER “rising rates, stricter market regulations or an economic downturn could put the lights out on the party, given the high valuations and strained affordability.”

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