Even where prices are still rising, higher borrowing costs are dampening buyer enthusiasm
spent months searching for a home in Windsor, Canada’s southernmost city. It was the height of covid-19 and prices were rising across the country. Ms Mousaly, a 27-year-old clerk at the local police service, viewed nearly 100 homes and made 60 or so offers—often at hundreds of thousands of Canadian dollars above the asking price—before finally closing on a property last September. A decade ago, her parents purchased a home for half the amount. “It’s four times bigger than mine,” she sighs.
. With monthly payments on a typical new mortgage in America now three-quarters higher than three years ago, loan applications are down by more than a quarter from their peak in January. The share of first-time buyers has hit a 13-year low. Some of the froth is also being blown away in Britain. Mortgage approvals in April fell back to pre-pandemic levels. In May, home sales fell by a tenth compared with the previous year.
But the pain will be unevenly spread. Pandemic hotspots are particularly vulnerable. During lockdowns, the search for large gardens or green space sent housing markets into a frenzy. Parisians fled to the French countryside. Turkish residents left Istanbul for resort towns. Londoners wanting to take advantage of remote work flocked to leafy neighbourhoods like Richmond and Dulwich, or escaped the city altogether for cheaper homes.
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