Union city condos.The property market in Hong Kong also has a “chill”. Residential sales in Hong Kong were HK $26 billion, down 51.6 per cent from a year earlier, while sales were 2635, down 54 per cent from a year earlier.Please Visit: Union city condos to Get Your VVIP Registration Today!
In December, the Hong Kong SAR government officially announced that it would not bail out the market and planned to significantly increase land supply. This has led to widespread expectations that the Hong Kong property market will continue to decline.
The Canadian property market is also one of the markets where house prices and trading volume have fallen sharply. According to the latest data from the Canadian Real Estate Association (CREA), in November 2018, the national housing transaction volume fell 2.3% from the previous month, and prices fell 2.9% from a year earlier. In October, the new home price index in Toronto fell 1.4% from a year earlier, the biggest drop in 22 years. The housing market is still in trouble, with prices falling in eight of the 11 cities covered by the index in October, according to the latest house price index from the National Bank of Canada. CREA said rising interest rates and strict loan vetting rules will continue to dampen the mood of potential home buyers, with Canadian home sales likely to fall to a 10-year low in 2019. CREA expects home sales to fall 11.2% year-on-year to 458000 units in 2018, a five-year low, and both sales and prices will be “constrained” in 2019.
In addition, after a hot market at the beginning of last year, the US housing market also showed signs of cooling in the second half of the year. The November existing home sales index released by the National Association of Realtors (NAR) fell to its lowest level since May 2014, down 7.7% from a year earlier, after falling about 7% in October, the first year-on-year decline in years. The S & P CoreLogic case Shiller house price index released on December 26th also shows that US house price growth is continuing to slow. Although there are some differences in the outlook for 2019, most of them predict that the cooling trend will continue in 2019. NAR expects house prices to continue to rise in 2019, but at a slower pace. Real estate research firm Green Street Advisors expects US real estate prices to fall moderately in 2019. Keller William, a real estate company, forecasts that US house prices will fall by 2 per cent in 2019. Redfin, an online real estate brokerage, predicts that the increase in supply will lead to a further correction in house prices, possibly even lower than in 2018.
While previous forecasts that Brexit would plunge UK house prices by 30 per cent without an agreement may sound “sensational”, the UK property market is also losing its appeal because of the uncertain prospects for Brexit. According to the Royal Institute of Chartered Surveyors (RICS), home sales will be 5 to 1.15 million units lower in 2019 than in 2018, while house price growth will stagnate and even moderate declines in places such as London.