Mixed performance in global housing markets persists: Scotiabank
TORONTO — Global housing activity in early 2013 was mixed, mirroring the uneven pace of global economic growth, according to the Scotiabank Global Real Estate Trends report.
The report finds that in the majority of national markets, housing conditions are fairly steady and average home prices relatively flat. However, in a number of countries, primarily in emerging Asia and Latin America but also in the United States, home prices are again accelerating, supported by relatively stronger domestic economic conditions. In others, namely the struggling nations of southern Europe, deep price declines are continuing.
"Highly stimulative monetary policy conditions, reinforced by additional easing measures internationally through the spring, should provide support to the interest-sensitive housing sector," said Adrienne Warren, Senior Economist at Scotiabank. "However a faster and more synchronized improvement is contingent on a strengthening in global economic activity, labour markets and consumer confidence."