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More than 8.5 million abandoned homes in rural Japan are creating a "ghost town" problem. There are more than 8.5 million akiya , or abandoned homes, in rural Japan, according to the country's 2018 Housing and Land Survey, its most recent on record. The institute predicts akiya could exceed 30% of homes in Japan by 2033. As Richard Koo, the chief economist at NRI, told them at the time, the Japanese countryside has been hollowing out since the mid-'90s. Why aren't more Japanese people buying abandoned countryside homes?

Persons: —, who've, Richard Koo, There's, Chris McMorran, Koo, Douglas Southerland, McMorran, Natasha Durie, Durie, Eric McAskill, McAskill, Jaya Thursfield, Chihiro, Kurosawa, Joey Stockermans, akiya Organizations: Service, Survey, Nomura Research Institute, Business Insider's, NRI, National University of Singapore, of Anthropology, Ethnography, Oxford University, Canadian Real Estate Association Locations: Japan, Business Insider's Singapore, Gifu, Vancouver, Canada, Nagano Prefecture, England, Ibaraki Prefecture, London, North America, Kyushu, akiya

Macklem came under a rare attack last year from opposition politicians for misjudging inflation and locking in to a rigid forward guidance. "We are turning the corner on inflation," Macklem told reporters in January when the BoC became the first major central bank to announce a pause. The central bank's tightening campaign is a major concern for Canadians who loaded up on cheap mortgages and took on credit card and other debt in recent years. "Now maybe you're getting a certain maturity of the central bank that says, 'We're not going to do that again,'" Holt said. He assured Canadians during the pandemic that rates would rise only in 2023 when it expected the economic slack to be absorbed, but the central bank began hiking rates in March 2022 as inflation spiked.

Persons: Derek Holt, Macklem, Holt, Marc Chandler, Steve Scherer, Fergal Smith, Denny Thomas, Matthew Lewis Organizations: OTTAWA, Bank of Canada, BoC, Scotiabank ., Canadian Real Estate Association, Bannockburn Global Forex, Thomson Locations: Bannockburn, Ottawa, Toronto

☆ Canada has banned non-Canadians from buying houses to try to fix the country's wildly expensive housing crisis
▼ + stars: | 2023-01-04 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +2 min

There are some exceptions to the rule, including for refugees and temporary work permit holders. It's intended to ease the housing crisis, as Canadian homes are some of the most expensive in the world. "The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors," Trudeau's campaign website said last year, according to CNN Business. But some critics are skeptical that the ban will have any real effect on easing the housing crisis. "The potential benefits of the ban are likely to be modest," The Canadian Real Estate Association said in a statement, according to CNN Business.

☆ Canada is banning some foreigners from buying property after home prices surged
▼ + stars: | 2023-01-01 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Canada in 2023 is closing its doors to foreign investors who want to purchase homes. A new Canadian law took effect January 1 that essentially bans foreign buyers from buying residential properties as investments for two years. “The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” said the campaign website of Prime Minister Justin Trudeau’s party this past year. “Canadians purchase vacation and residential properties in many countries, but particularly in the United States,” said the group. “If Canada places a ban on Americans owning property in Canada, we should expect them to respond in kind.”

☆ TSX dragged to over one-month low by tech, commodity-linked stocks
▼ + stars: | 2022-12-15 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

[1/2] The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. ET (1513 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 295.24 points, or 1.48%, at 19,596.41. All sectors declined, led by materials (.GSPTTMT), which sank 2.2% to an about two-week low as gold prices toppled against a stronger dollar. Meanwhile, Canadian housing starts edged lower in November compared with the previous month as a drop in single-detached urban starts offset groundbreaking in multiple unit urban homes, data from the national housing agency showed on Thursday. Reporting by Shashwat Chauhan in Bengaluru; Editing by Anil D'Silva and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ High interest rates bring winter gloom to Canada's housing market
▼ + stars: | 2022-11-15 | by ( Julie Gordon | Megan Rowling | ) www.reuters.com time to read: +4 min

[1/2] A for sale sign is displayed outside a home in Toronto, Ontario in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File PhotoOTTAWA, Nov 15 (Reuters) - Canada's housing market has gone cold, with buyers sidelined by soaring borrowing costs and sellers holding off listing in hopes of a spring rally, while higher interest rates mean prices need to fall more before any rebound materializes, experts say. "We do have quite a bit of fundamental demand still out there ... but the market just can't clear at current prices because of where interest rates have gone," said Robert Kavcic, senior economist at BMO Capital Markets. Variable rate mortgages - home loans in which the interest rate fluctuates based on market conditions - have more than tripled since March, with strict stress tests making qualification even tougher. "If investors aren't interested in buying condos, the whole market starts to slow down," he said.

☆ TSX posts lowest weekly close in 20 months as oil prices fall
▼ + stars: | 2022-10-14 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 287.28 points, or 1.5%, at 18,326.25. "The interest rate sensitive sectors of the market like housing is cooling down at a meaningful pace." Canadian home sales fell 3.9% in September from August, with actual monthly activity about 12% below the pre-pandemic 10-year average, data from the Canadian Real Estate Association showed. read moreThe Toronto market's energy group fell 3.4% as U.S. crude oil futures settled 3.9% lower at $85.61 a barrel. The materials group, which includes precious and base metals miners and fertilizer companies, lost 4% as gold and copper prices declined.

☆ Canada's housing bubble is a cautionary tale for the US real-estate market
▼ + stars: | 2022-04-13 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Canada's housing market is in overdrive as prices soar to record highs. The US housing market is starting to resemble Canada's — that should be a cautionary tale for all. As housing affordability plummets in Canada, it's hard to ignore the similarities to the US real-estate market. As affordability plunges in Canada, it stands as a reminder of how inventory can offset a real-estate market. The solution for both countries, Dietz said, is simple in theory but difficult in practice: "The key to improving housing affordability is increasing inventory."

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