USA
The 30-year mortgage rate in the U.S. has jumped to 7.79%, the highest it’s been since 2000. This spike is making homes less affordable for many buyers, putting pressure on the housing market. While home sales have held up so far, experts are concerned that if rates keep climbing, buyer demand could start to slow in the coming months.
Source: Surging Mortgage Rates Threaten U.S. Housing Market Momentum
U.K.
New home construction in the U.K. has dropped to its lowest level since 2009, with fewer than 88,000 homes started in the year through June 2024. High interest rates and sluggish development are making it harder for Prime Minister Keir Starmer to reach his goal of building 1.5 million homes over the next five years.
Source: Lowest U.K. Housing Starts Since 2009 Reveal Challenge for Labour
Canada
Canada’s housing market is still facing serious challenges, and some experts think the problems may be more deep-rooted than temporary. High household debt and slow wage growth are making homes less affordable, even though prices have started to level out. Many Canadians are holding off on buying, worried that the affordability crisis could last a long time.
Source: Canada's Housing Crisis: A Feature, Not a Bug
Australia
Australia’s housing market is starting to cool, especially in major cities, as rising interest rates and affordability issues make buying harder for many. In October 2024, the Victorian government launched an initiative to speed up building permits, focusing on townhouses to help ease housing shortages and support first-time buyers. But across the country, the market overall is slowing as borrowing costs continue to climb.
Source: Australia's Housing Market Shows Signs of Cooling in Major Cities
Dubai
Dubai’s luxury property market is still seeing price increases, even as other global luxury markets cool down. Data from October 2024 shows demand is strong, with prices rising, though new builds are becoming smaller. With more people wanting to live in the city, developers are focusing on high-end, compact properties that make the most of prime urban locations.
Source: Luxury Housing Markets Slow Globally, Prices Surging in Asian Cities
Singapore
Private home prices in Singapore dipped by 0.7% in Q3 2024 as high interest rates and strict lending rules cooled the market. Still, some high-end properties, particularly those favored by wealthy foreign buyers, continue to do well. Analysts expect steady demand in the luxury sector to hold through the end of the year, even as the broader market slows down.
Source: Private Home Prices Decline 0.7% in Q3; Analysts Expect Momentum to Persist for Rest of Year
