Housing conditions globally are displaying increasing strength, a new study relased by Scotia bank released today shows. It is underpinned by improving growth prospects and highly stimulative monetary policy, according to the Scotiabank Global Real Estate Trends Report released today. "While a number of national markets in Europe remain weak, most major advanced nations are showing more positive signs," said Adrienne Warren, Senior Economist, Scotiabank.
Key notes included:
"Property markets in the majority of emerging nations in Asia and Latin America remain relatively buoyant, with China in particular reporting accelerating price gains."
Highlights of the report include:
• The United States maintains its position at the top rung among advanced nations in Scotiabank's latest survey of international house prices, with average inflation-adjusted home prices up 8% year-over-year (y/y) in the July to September period.
• Canadian home price appreciation also remains near the top of the pack, with a 7% y/y real house price gain in Q3.
•The U.K. housing recovery is gaining traction, supported by the government's 'Help to Buy' home purchase program for low-deposit borrowers.