Rising interest rates globally brought the 2020-22 house price boom to an end, "but it’s surprising they didn’t do more damage", according to independent global economics researcher Capital Economics (CE). "Falls in nominal house prices have been modest in most developed economies and almost non-existent in some others," Wishart says. House prices didn’t fall at all in Spain, and only declined marginally in Italy," he says. In fact, at the current level of mortgage rates, house prices in many countries look unsustainable." More plentiful supply in Canada of late means house prices there are set to drop a bit further.

Source: Stuff February 15, 2024 17:14 UTC