What we’re witnessing is “a major event that should not be shrugged off or ignored,” Don Layton, the former CEO of U.S. While that’s a boon for existing owners, prospective buyers are finding it ever harder to gain entry. The pandemic has stoked the global housing market to fresh records over the past 18 months through a confluence of ultra-low interest rates, a dearth of house production, shifts in family spending, and fewer homes being put up for sale. In Canada, Prime Minister Justin Trudeau has promised a two-year ban on foreign buyers if re-elected. The cost of an apartment in Shenzhen, China’s answer to Silicon Valley, was equal to 43.5 times a resident’s average salary as of July, a disparity that helps explain President Xi Jinping’s drive for “common prosperity.” China has stepped up restrictions on the real-estate sector this year and speculation is mounting of a property tax to bring down prices.
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