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After the COVID-19 pandemic caused a frenzied housing market in Canada for several years, the Bank of Canada's interest rate hikes in 2022 cooled the residential real estate sector in cities across the country. Experts and economists who spoke with Global News were nearly unanimous in their prediction that the market would continue to cool through 2023. They cited high mortgage rates, a lack of available homes, and the unknown location of the Bank of Canada's interest rate cycle's peak as reasons for their prediction. Where, if anywhere, will Canada's

In the past year, the price of purchasing a home in Ontario has fallen from its lofty highs, and the question for 2023 is whether or not this trend will continue. There was a peak of $1.08 million in March of 2022 for the benchmark price of a home in Ontario, as calculated by the Canadian Real Estate Association (CREA), which includes the sale prices of condominiums, attached and detached houses across all markets in the province. From the beginning of the COVID-19 pandemic, that was a staggering 64% increase

The current economic difficulties have prompted widespread anxiety that a housing market crash is imminent, which will cause homeowners to witness a decline in the value of their investments and, in extreme cases, force them into negative equity. However, a thorough examination of past data on housing prices indicates that the predicted crash is extremely unlikely to occur. The UK government imposed the Stamp Duty Land Tax for what reason exactly? As a preventative measure against a complete and economic shutdown, the UK government instituted the Stamp Duty Land Tax

Politicians are experts at making promises without actually delivering on those promises. The actual performance suffers from their inability to complete the tasks. After Vladimir Putin's shocking invasion of Ukraine, the British government promised to limit Kremlin influence in the country. Included in this was a promise to stop Russian oligarchs from investing "dirty money" in the British real property market. The end consequence was the Economic Crime Act, which was hurried through Congress with bipartisan support and went into effect in August 2022. To ensure there is full disclosure

Due to rising housing costs, Canada has prohibited several foreigners from purchasing property According to New York CNN: Foreign investors can't purchase homes in Canada in 2023. Foreign buyers cannot buy residential properties as investments for two years under a new Canadian law that took effect January 1. The law was passed due to a rise in Canadian home prices since the pandemic and politicians' belief that foreign buyers were responsible by buying homes as investments. “The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” said

As the UK residential real estate market continues to struggle, politics, alliances, and place-making will dominate in 2023. Kwasi Kwarteng's uncosted expansion plan last autumn continues to affect the market. While the variety of mortgage programs available to buyers has rebounded and rates are progressively returning to more typical ranges, it is apparent that the mainstream residential market will experience a period of lower house price rise. This will affect volume house builders this year. However, several prominent analysts are optimistic about the situation in the medium term. The Smithfield