Mansion Global Daily: Majority of Canadians Want to Tax Homes Valued Above $1 Million
Majority of Canadians Want to Tax Homes Valued Above C$1 Million
Canadians believe that homeowners at the top could stand to give a bit more. According to a survey by nonprofit, think tank Generation Squeeze, a majority of Canadians—62%—are in favor of a surtax on homes valued above C$1 million (US$750,000). The survey comes as the nation deals with high housing costs, brought on first by pandemic-induced demand, and now, escalating interest rates. If such a “modest surtax” were to be implemented, it is estimated that it would affect 10% of Canada’s real estate market, and bring in C$5 billion in revenue annually. BNN Bloomberg
Miami Leads the U.S. in Rent Growth
Miami has snagged the top spot in rent growth, according to the latest CoreLogic Single-Family Rent Index. Of the 20 metro areas covered by the index, the Magic City leads the nation with a 20.1% annual increase in rent in September. Miami was followed close behind by its fellow Florida city Orlando, which notched 18.3% growth on the year, while the decidedly different climate of Boston, Massachusetts, rounded out the top three with 10.6% annual growth among single-family properties. World Property Journal
Los Angeles Is the No. 1 U.S. City for Apartment Conversions
Los Angeles is doing something about all that empty office space. The City of Angels has led the U.S. in 2022 in apartment conversions, setting a record for adaptive reuse of building spaces—taking unused commercial and industrial spaces and turning them into housing. According to Rentcafe, Los Angeles saw 1,242 unit conversions from January through June, followed by Kissimmee, Florida, with 705 and Alexandria, Virginia, with 648. The insatiable need for housing, especially in large cities (and Los Angeles is the second largest in the U.S.), has spurred Los Angeles to lead the way on apartment conversions. The Real Deal
New-Home Prices in China Post Steepest Drop in Seven Years
China’s real estate woes continued in October. According to the National Bureau of Statistics, prices for new homes in China fell 1.6% last month—the sharpest decline since August 2015. Of the 70 cities cataloged by the bureau’s index, 58 saw prices fall in October, compared to 54 in September. Second-tier and third-tier cities in the nation saw the biggest annual price slippage, with prices contracting 0.3% and 3.9%, respectively, compared to last year. South China Morning Post
