Home prices across the world are under pressure from trade disputes, fears of a recession, Brexit, and other economic and political concerns.
According to the Knight Frank Global Cities report for the second quarter of 2019, more countries and territories are seeing price rises year-on-year than at any time in the last decade, but the average rate of growth is slowing significantly as global uncertainty impacts.
Across the 56 countries included the average growth was 3.4% year-over-year, led by China (10.9%) which has topped the rankings for the first time in 10 years.
Canada’s 0.5% growth means ranking at number 49, one place behind the UK and just above Poland. Australia is the worst performer with a 7.9% decrease in prices year-over-year, one of just 4 countries to be in negative territory.
Canada ranks 6th out of the G7 nations, beating Italy which was another of the countries that saw an annual decrease (Morocco and Finland complete the four).
Despite the slower pace of growth, this latest quarterly report shows an uptick in the number of countries registering year-over-year increases or static prices (93%).
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate