Global real estate hot spots hit hard by market shift [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
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Source: Toronto Globe and Mail
Global real estate hot spots hit hard by market shift Ian McGugan Janet McFarland Real Estate Reporter Paul Waldie Europe correspondent David Ebner Published January 11, 219 Updated January 11, 219 For rs Comments In key cities around the world, the red-hot market for real estate has abruptly turned cold. In London, home prices in some of the British capital’s toniest neighbourhoods have slid over the past year. In Sydney, residential property values have tumbled 8.9 per cent, and one economist has warned that Australian real estate is headed for its “deepest downturn” in modern history. In New York, median prices fell 5.8 per cent in 218, dropping below the US$1-million threshold for the first time in three years. Even in the high-tech nirvana of San Francisco, where prices are still inching upward, the number of home sales sank to a four-year low in November. Story continues below advertisement The cooling trend encompasses a host of specific, local factors such as Brexit, U.S. tax
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