Global Real Estate Trends (oct 2009)

Global Economic Research

October 1, 2009

Global Real Estate Trends Adrienne Warren (416) 866-4315 [email protected]

A Global Housing Recovery Is Underway We have rebadged our regular Real Estate Trends report to reflect the expanded coverage of residential real estate markets to eight major developed economies in addition to Canada and the United States (see page 10). Where available, we consider average prices of existing homes, using commonly cited national series. National home prices have been deflated by each nation’s all-item consumer price index to arrive at a comparable real home price series. CHART 1 REAL HOUSE PRICES (2009Q2, Y/Y % CHANGE) Canada Australia Japan*

Global real estate markets are showing tentative but growing signs of stabilization. Real home prices increased in a number of major developed economies in the second quarter of 2009, including Canada, Australia and the United States. Prices were still falling in many other markets, including the U.K., France and Spain, but generally at a slowing rate. For the most part, however, real home prices are still lower relative to a year ago (chart 1).

Spain France U.S. U.K. Ireland* -20 -15 -10 -5

0

5 * Q1

We believe the improving sentiment in global residential real estate markets is sustainable. The firming in pricing is evidence of growing confidence in the sustainability of the fledgling global economic recovery. Historically low borrowing costs, increased affordability, and home-buyer tax incentives in a number of countries are underpinning a modest revival in housing demand. Indeed, signs of a bottoming in home prices are likely now bringing some fence-sitters off the sidelines.

Financial market conditions, including rebounding global equity markets and an easing in credit constraints, also are becoming more supportive. A significant amount of worldwide excess production capacity will keep a lid on inflationary pressures for some time to come, allowing monetary authorities to keep short-term interest rates at historically low levels and very supportive of housing market activity. Nevertheless, the rebound in housing activity will be constrained in part by a generally more cautious borrow and spend mentality, with weakened household finances leading to a renewed focus on reducing debt and rebuilding savings. Labour market conditions are beginning to stabilize, but unemployment rates remain high and are expected to be slow to decline. A more cautious lending environment is expected to persist as financial institutions around the world recapitalize their balance sheets. There remain excesses is the global housing market itself that point to an extended period of more subdued activity. Many countries are burdened with an excess supply of unsold housing inventory after years of overbuilding. Despite recent price declines, housing valuation measures such as price-torent and price-to-income ratios also suggest some continued overvaluation in many markets. Scotia Economics Scotia Plaza 40 King Street West, 63rd Floor Toronto, Ontario Canada M5H 1H1 Tel: (416) 866-6253 Fax: (416) 866-2829 Email: [email protected]

This Report is prepared by Scotia Economics as a resource for the clients of Scotiabank and Scotia Capital. While the information is from sources believed reliable, neither the information nor the forecast shall be taken as a representation for which The Bank of Nova Scotia or Scotia Capital Inc. or any of their employees incur any responsibility.

Global Real Estate Trends is available on: www.scotiabank.com, Bloomberg at SCOE and Reuters at SM1C

Global Economic Research

October 1, 2009

Global Real Estate Trends Yet, even a stabilization in housing prices, demand and construction would be highly supportive of a broader economic recovery, particularly as the near-term fuel provided by government stimulus spending and inventory rebuilding begins to fade. Homeownership is a crucial sector of national economies and an important source of wealth for many households, influencing spending, saving and borrowing decisions. It also has significant spillovers to other domestic industries, including retail sales, finance & insurance, and a range of professional services (e.g. legal, engineering) and household services (e.g. landscaping, movers, cleaners). A Synchronized Housing Cycle

The housing boom, and subsequent bust, of the past decade is global in scope, even as the degree of price change has varied considerably from country to country. In most major advanced economies, real home prices appreciated rapidly beginning around the mid-1990s and continuing into the latter part of this decade. The strength of the housing market coincided with a generally robust global economy, low interest rates and in many cases, mortgage market innovation and deregulation. The notable exceptions are Japan and Germany. The bursting of Japan’s stock market and real estate asset bubble in the early 1990s has been followed by steadily declining real home prices since 1992. In Germany, real home prices have been declining since the mid1990s, after generous post-reunification tax incentives led to significant overbuilding. A shrinking population base also continues to weigh on property values in both countries. The global house price boom all but ended last year, as weak economic growth, rising unemployment, the exhaustion of pent-up demand and overbuilding in many nations bumped up against a

severe tightening in global credit conditions. Real home prices declined in 9 of the 10 countries tracked in 2008. In Australia, inflation-adjusted prices were flat on average, but had moved into negative year-over-year territory by the second half of the year. Countries that experienced the biggest boom have generally faced the biggest bust. Ireland recorded by far the largest trough-to-peak real appreciation, totalling almost 300% from 1993-2006, based on annual average prices. It has also suffered one of the largest price corrections to date, at more than 25%. Real home prices in the United Kingdom climbed 170% from 1996-2007, but have subsequently fallen close to 20%. The somewhat smaller, though still sizeable price gains in Spain (128% from 1997-2007), France (111% from 1998-2007) and Australia (103% from 1997-2008) have been followed by relatively modest price declines of 11%, 10%, and 6%, respectively, to date. Real price appreciation in Canada (66% from 1999-2007) and Italy (61% from 1998-2007) falls at the low end of the pack, as does the subsequent retracement (8% and 1%, respectively, based on the latest data available). The U.S. market stands out from the rule. The cumulative trough-to-peak rise in inflation-adjusted U.S. home prices was just 50% from 1996-2005, the lowest among the eight countries with price gains. Yet, U.S. residential real estate has suffered the

Data Footnote Despite their importance in influencing economic outcomes, housing prices are often not among the ‘official’ data gathered by national statistical organizations. Rather, they are usually collected by real estate organizations or private research institutes. Indeed, among economic and financial variables, home prices are possibly one of the more problematic, given vastly different concepts, measurement approaches and data availability across countries. In many countries, there are several competing measures available. In others, such as Japan, no dwelling price statistics are available and land prices are usually used as a proxy. The frequency of the published data varies from monthly to annual. Where available, we have used average prices of existing homes sold. The detailed sources to the housing price statistics on page 10 are as follows: Australia: Price index of established houses, weighted average of 8 capital cities. Quarterly. Australian Bureau of Statistics. Canada: National average price of MLS residential sales. Monthly. Canadian Real Estate Association. France: House price index of existing homes. Quarterly. National Institute of Statistics and Economic Studies (INSEE). Germany: Resale house price index. Annual. OECD. Ireland: National average price of second-hand houses. Quarterly. Irish Department of the Environment, Heritage and Local Government. Italy: Resale house price index, average of 13 urban areas. Semi-annual. OECD. Japan: Nationwide urban residential land price index. Semi-annual. Japan Real Estate Institute. Spain: Average price of second-hand houses. Quarterly. Bank of Spain. United Kingdom: ODPM mix-adjusted house price index, pre-owned dwellings. Monthly. U.K. National Statistics. United States: National average price of existing home sales. Monthly. National Association of Realtors.

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Global Economic Research

October 1, 2009

Global Real Estate Trends largest downward price adjustment to date (29%). Riskier mortgage lending, and the resulting surge in foreclosures and distressed sales, appears to be the main factor behind the unusually large retrenchment. Looking ahead, we anticipate a gradual synchronized improvement in housing activity in most economies, supported by highly stimulative policy initiatives — fiscal stimulus and historically low borrowing costs — that are likely to remain in place over the coming year.

Canadian Focus — Building Momentum While not as robust as the revival in resale housing activity, new home construction in Canada has notably turned up. On a trend basis, housing starts are running just over 140,000 annualized units, up from a spring low of around 120,000 units. Most regions are showing gains, with the largest improvement in Canada’s four western-most provinces. 1.4 1.2 1.0

CHART 2 COMPLETED BUT UNSOLD (UNITS PER THOUSAND ADULT POPULATION) ALL DWELLINGS

0.8 0.6 0.4

LONG-TERM AVERAGE

0.2 80 85 90 95 00 05 10

The trend in residential permits, which tend to lead starts by about two months, is averaging a little over 150,000 units, pointing to some further modest pickup in the months ahead. Builders are responding to tight resale market conditions, which tend to spur relative demand for new homes. Rising sales and limited resale listings have led to the return of a “sellers’ market”, in turn pushing up prices. Indeed, new home prices increased in July for the first time since last September.

Despite the modest rise in new construction, the inventory of unsold new homes, which has been trending higher since 2003, appears to have peaked, having edged down for a third consecutive month in August. The current overhang is a bit higher than its long-term trend, though still well below the peaks reached during the housing bust of the early 1990s (chart 2). Moreover, the pace of new stock

additions remains firmly below estimated long-term replacement needs of around 175,000 units annually. Assuming sales remain reasonably firm and builders do not significantly ramp up the pace of new construction, current inventories bear watching, but are not overly concerning. Aggregate inventory figures mask some important developments. The oversupply of new 12 ROW & APARTMENT housing is centred in the condo market; the unsold 8 inventory of single- and semi-detached homes has 4 dropped more than 25% SINGLES & SEMIS since March, with sales volumes consistently 0 exceeding the number of 2005 2006 2007 2008 2009 new units coming on the market (chart 3). The sharp rise in condo inventories in turn reflects an unusually high level of recent completions, the lagged response to earlier strength in sales and starts. Condo completions are outpacing condo starts for the first time in more than a decade, and by a wide margin. 16

CHART 3 COMPLETED BUT UNSOLD (THOUSANDS OF UNITS)

Home sales remain brisk, underpinned by ultra-low interest rates, improving consumer confidence, rebounding stocks markets, and first-time buyer tax incentives. At the same time, there is some sign that pent-up demand is being satisfied. Existing home sales edged down marginally in August, after six months of steady growth. We expect resale markets will become better balanced in 2010 as pent-up demand from the depressed levels of last fall and winter wanes and as the number of listings increase, removing some of the recent incentive to add more new housing stock, and cooling price increases in both the new and resale market.

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Global Economic Research

October 1, 2009

Global Real Estate Trends Canadian Residential Markets New Home Markets 300 275

units, thousands (annualized), 3-month moving average

Housing Starts

y/y % change, 3-month moving average

25

units, thousands, annualized

140

20

250 225

160

30

Housing Starts New Housing Price Index

200

100

10

175

5

150

0

125

-5

80 60

86 88 90 92 94 96 98 Source: CMHC, Statistics Canada

00

02

04

06

Multiple-Unit

40

-10

100

Single-Unit

120

15

86

08

88

Inventories of Unsold New Homes 25

90

92

94

96

98

00

02

04

06

08

Source: CMHC

Mortgage Rates 16

units, thousands

20

Single & Semi

14

Row & Apartment

12

% 5-Year Conventional

10

15

8 10

6 1-Year Conventional

4 5

2 0

0 86 88 90 Source: CMHC

92

94

96

98

00

02

04

06

86 88 90 92 94 Source: Bank of Canada

08

96

98

00

02

04

06

08

Housing Starts Canada

B.C.

Alberta

Sask.

Manitoba

Ontario

Quebec

Atlantic

233 225 227 228 211

32.9 34.7 36.4 39.2 34.3

36.3 40.8 49.0 48.3 29.2

3.8 3.4 3.7 6.0 6.8

4.4 4.7 5.0 5.7 5.5

85.1 78.8 73.4 68.1 75.1

58.4 50.9 47.9 48.6 47.9

12.5 12.1 12.0 12.4 12.2

2009ytd

136

14.0

15.6

3.2

3.9

46.8

41.8

10.6

2009f 2010f

140 150

15 19

16 19

4 4

4 4

47 51

43 42

11 11

(units, nsa) 2004 2005 2006 2007 2008

Vancouver 19,430 18,914 18,705 20,736 19,591

Calgary 14,008 13,667 17,046 13,505 11,438

Edm onton 11,488 13,294 14,970 14,888 6,615

Toronto 42,115 41,596 37,080 33,293 42,212

Ottaw a 10,470 7,105 8,808 9,294 10,302

Montreal 28,673 25,317 22,813 23,233 21,927

Halifax 2,627 2,451 2,511 2,489 2,096

St. John’s 1,834 1,534 1,275 1,480 1,863

2009ytd

7,179

4,926

4,383

23,105

7,316

17,645

1,541

1,539

(000s units, sa) 2004 2005 2006 2007 2008

Source: Canadian Mortgage and Housing Corporation (CMHC), Scotia Economics calculations and forecasts. Year-to-date data are expressed at annual rates.

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Global Economic Research

October 1, 2009

Global Real Estate Trends Canadian Residential Markets Existing Home Sales & Prices 350

$, thousands

Housing Cost Trends

units, thousands, a.r.

300 250 200

MLS Average Price

150

550

10

500

8

450

6

400

4

350

2

300

0

250

-2

200

-4

MLS Unit Sales

100 50 86 88 90 Source: CREA

92

94

96

98

00

02

04

06

y/y % change Owned Accommodation

Rented Accommodation 86 88 90 92 94 96 98 Source: CMHC, Statistics Canada

08

Existing Home Inventories 3.5

00

02

04

06

08

Existing Home Inventories 4.0

ratio, MLS new listings-to-sales

3.0

ratio, MLS new listings-to-sales 2006

3.0

2007

2008

2009ytd

Canada

2.5

2.0 2.0

1.0

1.5 1.0

0.0

86 88 90 Source: CREA

92

94

96

98

00

02

04

06

08

Vancouver Source: CREA

Calgary

Toronto

Ottawa

Halifax

MLS Home Sales Atlantic Canada British Columbia Alberta Man.-Sask. Ontario Quebec Avg. Price Units Avg. Price Units Avg. Price Units Avg. Price Units Avg. Price Units Avg. Price Units Avg. Price Units 2004 2005 2006 2007 2008

225,581 248,257 276,008 305,822 303,594

462,363 486,084 485,804 523,855 434,477

289,107 96,385 194,769 332,224 106,310 218,266 390,963 96,671 285,383 439,119 102,805 356,235 454,599 68,923 352,857

57,460 65,866 74,350 71,430 56,399

115,850 129,480 142,742 171,609 205,041

20,270 21,073 22,158 25,982 23,728

245,230 262,949 278,364 299,544 302,354

197,353 197,140 194,930 213,379 181,001

167,392 180,431 190,284 202,895 210,775

70,869 72,806 74,297 83,453 79,402

130,844 142,177 148,277 158,589 171,248

19,631 22,444 22,851 26,258 24,537

2009ytd

303,638

429,390

433,017

53,948

214,011

23,046

306,054

179,237

219,641

77,259

179,573

22,188

73,211

334,044

Toronto Halifax Vancouver Calgary Edmonton Ottawa Montreal Avg. Price Units Avg. Price Units Avg. Price Units Avg. Price Units Avg. Price Units Avg. Price Units Avg. Price Units 2004 2005 2006 2007 2008

373,877 425,745 509,876 570,795 593,767

37,972 42,222 36,479 38,978 25,149

222,860 250,832 346,675 414,066 405,267

26,511 31,569 33,027 32,176 23,136

179,610 193,934 250,915 338,636 332,852

17,652 18,634 21,984 20,427 17,369

315,266 336,176 352,388 377,029 379,943

84,854 85,672 84,842 95,164 76,387

238,152 248,358 257,481 273,058 290,483

13,457 13,300 14,003 14,739 13,908

189,050 203,720 215,659 229,902 na

48,564 49,506 50,106 56,151 na

175,132 189,196 203,178 216,339 232,106

5,516 6,698 6,462 7,261 6,472

2009ytd

531,790

31,151

377,604

23,018

317,258

18,083

380,280

79,953

297,072

14,472

na

na

239,460

5,765

Source: Canadian Real Estate Association (CREA), Scotia Economics calculations. Year-to-date data are expressed at seasonally adjusted annual rates.

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Global Economic Research

October 1, 2009

Global Real Estate Trends Canadian Non-Residential Markets Office Markets

Industrial Markets 8

14 %

12

7

8

National Vacancy Rate

6

National Vacancy Rate

10

%

5 4

6

3

4

2

2

1

0

0

99 00 01 02 03 04 05 Source: Cushman and Wakefield LePage

06

07

08

09

99 00 01 02 03 04 05 Source: Cushman and Wakefield LePage

Office Vacancy Rates Largest Five Markets 14

07

08

09

Industrial Vacancy Rates Largest Four Markets 10

%

12

06

Montreal

%

8

10

Montreal 6

8

Toronto

6

Toronto

4

Calgary

4 2

2

Ottawa

Calgary

Vancouver

Vancouver

0

0 99 00 01 02 03 04 05 Source: Cushman and Wakefield Lepage

06

07

08

09

99 00 01 02 03 04 05 Source: Cushman and Wakefield LePage

06

07

08

09

Building Permits

Building Permits 350

Indust. Comm.

Res.

2004 2005 2006 2007 2008

55.6 60.8 66.3 74.4 70.4

(C$ billions) 36.8 3.5 10.1 38.7 4.0 12.0 41.1 4.5 14.4 45.5 5.0 17.0 40.9 5.1 16.7

5.1 6.0 6.2 6.9 7.8

2009ytd

54.7

28.6

8.9

300 250

Institutional & Government

200 150

Commercial Residential

100 50

Industrial 04

05

3.3

13.9

Source: Statistics Canada. Year-to-date data are expressed at seasonally adjusted annual rates.

0 99 00 01 02 03 Source: Statistics Canada

Inst. & Gov’t

Total index: 1999Q1 = 100

06

07

08

09

6

Global Economic Research

October 1, 2009

Global Real Estate Trends U.S. Residential Markets Housing Starts 2.4

Housing Starts by Region 1.2

units, millions (annualized) Total

2.0

units, millions (annualized)

1.0

1.6

South

0.8

1.2

0.6

Single-Unit

0.8

West

0.4

Multiple-Unit

0.4

Midwest

0.2

Northeast

0.0

0.0

86 88 90 92 94 Source: U.S. Census Bureau

96

98

00

02

04

06

08

86 88 90 92 94 Source: U.S. Census Bureau

1.4

$, thousands, 3MMA

units, millions (annualized), 3MMA

98

00

02

04

06

08

Existing Home Sales

New Home Sales 1.6

96

350 300

1.2

8

units, millions (annualized), 7 3MMA

$, thousands,3MMA

300 250

6 250

Unit Sales

1.0

5

0.8

200 Average Price

0.6

0.2 98

00

02

150 4 Unit Sales (Singles only)

0.4

86 88 90 92 94 96 Source: U.S. Census Bureau

200

Average Price

04

06

150

3

100

2

100 50

86 88 90 92 94 96 98 00 02 Source: National Association of Realtors (NAR)

08

Housing Starts Total

Singles

2004 2005 2006 2007 2008

1.956 2.068 1.801 1.355 0.906

1.611 1.716 1.465 1.046 0.622

2009ytd

0.549

0.415

2009f 2010f

0.58 0.78

04

06

Permits Midw est

North East

(millions of units) 0.345 0.516 0.909 0.352 0.525 0.996 0.335 0.444 0.910 0.309 0.321 0.681 0.284 0.197 0.453

0.356 0.357 0.280 0.210 0.135

0.175 0.190 0.167 0.143 0.121

(millions of units) 2.070 1.613 0.457 2.155 1.682 0.473 1.839 1.378 0.461 1.398 0.980 0.419 0.883 0.569 0.314

0.133

0.093

0.063

0.540

Multiples

West

0.120

South

0.273

08

Total

Single

0.403

Multiple

0.137

Source: U.S. Census Bureau, Scotia Economics calculations and forecasts. Year-to-date data are expressed at seasonally-adjusted annual rates.

7

Global Economic Research

October 1, 2009

Global Real Estate Trends U.S. Residential Markets Mortgage Rates and Applications

Housing Cost Trends

9.0 8.5

5.5 %

index

MBA Mortgage Application Index – Purchases Only

8.0

5.0 4.5

7.5

8

7.0

4.0

6.5

3.5

Consumer Price Index, y/y % change

6

Rent of Primary Residence

4

6.0

3.0

5.5 5.0 4.5

2.0

99 00 01 02 03 04 05 06 07 08 Source: Mortgage Bankers Association (MBA), FHLMC

2

Owners' Equivalent Rent

2.5

30-Year Mortgage Rate

09

0 86 88 90 92 94 96 98 Source: U.S. Bureau of Labor Statistics

New and Existing Home Inventories 14

02

04

06

08

Apartment Vacancy Rates 14

months' supply, 3MMA

12

%

12 Existing

10

00

South

10

8

8

6

Midwest West

6

New 4

4

2

2

86 88 90 92 94 96 98 00 02 04 06 08 Source: U.S. Census Bureau, National Association of Realtors (NAR)

86 88 90 92 94 96 Source: U.S. Census Bureau

Northeast

Existing Home Sales Total

2004 2005 2006 2007 2008

(sa) 6.778 7.076 6.478 5.652 4.912

2009ytd

4.795

Avg Price Months’ ($000s) Supply (nsa) (nsa) 243.0 4.3 266.1 4.4 269.5 6.4 263.8 8.7 240.2 10.0 216.8

8.9

98

00

02

04

06

New Home Sales

South

Midw est

1.575 1.617 1.346 1.084 1.070

North Avg Price Months’ Total East ($000s) Supply (million units, saar, unless otherwise noted) 2.540 1.550 1.113 1.201 271.5 4.0 2.702 1.588 1.169 1.279 290.0 4.5 2.563 1.483 1.086 1.049 303.5 6.4 2.235 1.327 1.006 0.768 308.8 8.5 1.864 1.129 0.849 0.479 287.7 11.2

1.145

1.779

1.080

West

08

0.789

0.373

264.2

9.8

Source: National Association of Realtors (NAR), U.S. Census Bureau, Scotia Economics calculations. Year-to-date data are expressed at seasonally-adjusted annual rates.

8

Global Economic Research

October 1, 2009

Global Real Estate Trends U.S. Non-Residential Markets Office Vacancy Rates Largest Five Markets

National Vacancy Rates 30

20 %

Dallas-Fort Worth

25

Office

16

%

20

Los Angeles

12 15

8

Industrial 10

4

Chicago

5 0

0 86 88 90 92 94 Source: Coldwell Banker

96

98

00

02

04

06

00 01 02 03 Source: Coldwell Banker

08

04

05

06

07

08

09

Industrial Vacancy Rates Largest Five Markets

Construction Investment 350

Manhattan

Washington, D.C.

20

index: Jan. 2002 = 100

% Dallas-Fort Worth

300

Manufacturing

15

Detroit

250

Chicago Residential

200

10

150 Institutional

5

Commercial

100

Mid New Jersey

Los Angeles

Infrastructure 50

0

02 03 04 05 Source: U.S. Census Bureau

06

07

08

09

00 01 02 03 Source: Coldwell Banker

04

05

06

07

08

09

Construction Investm ent Total

Residential

Manufacturing

2004 2005 2006 2007 2008

991.6 1102.7 1167.6 1137.2 1074.1

538.4 617.5 619.8 499.7 363.4

23.8 30.0 35.5 42.6 63.7

2009ytd

965.5

260.5

83.0

Office & Institutional Com m ercial (US$ billions) 121.8 138.3 128.8 144.4 149.0 158.0 182.2 178.3 194.1 193.3 154.3

196.8

Infrastructure

Private

Public

169.2 181.9 205.3 234.3 259.7

771.4 868.5 912.2 850.0 766.6

220.2 234.2 255.4 287.1 307.5

270.9

648.4

317.1

Source: U.S. Census Bureau, Scotia Economics calculations. Year-to-date data expressed at seasonally adjusted annual rates.

9

Global Economic Research

October 1, 2009

Global Real Estate Trends International Residential Markets

Inflation-Adjusted Home Prices 400

Inflation-Adjusted Home Prices 250

1996=100, inflation-adjusted

1996=100, inflation-adjusted

350 Spain

200

Ireland

300 250

France

150

200 United Kingdom 150

100

100 50

50 96

98

00

02

04

06

96

08

98

Inflation-Adjusted Home Prices 250

02

04

06

08

Inflation-Adjusted Home Prices 150

1996=100, inflation-adjusted

1996=100, inflation-adjusted

125

Australia

200

00

Source: Scotia Economics

Source: Scotia Economics

100

150

Germany

Italy

75

100

Japan 50

50 96

98

00

02

04

06

96

08

98

00

02

04

06

08

Source: Scotia Economics

Source: Scotia Economics

International House Prices (Inflation-adjusted, y/y % change)

Australia Canada France Germ any Ireland Italy Japan Spain United Kingdom United States (NAR)

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009Q1

2009Q2

3.8 1.0 7.0 -1.4 11.4 5.5 -3.0 4.0 14.1 1.6

6.8 2.2 6.1 -1.9 4.2

15.8 7.3 6.4 -4.1 5.8

15.4 6.9 9.6 -2.0 12.3

4.2 7.4 12.9 -3.6 8.9

-1.2 7.8 13.3 -3.8 9.9

4.2 9.2 10.2 -1.8 9.7

9.0 8.7 5.0 -1.2 -1.1

0.1 -3.1 -1.9 -2.7 -10.8

-8.6 -10.0 -7.6 .. -17.4

5.7 -3.3 6.7 7.0 1.9

6.8 -3.7 13.4 14.9 7.5

7.3 -5.0 16.9 14.3 4.8

7.5 -6.2 15.3 10.8 6.3

5.2 -4.8 11.2 3.3 6.1

4.1 -3.6 6.5 3.9 -2.0

3.1 -1.1 2.6 8.8 -5.0

-1.0 -2.6 -3.9 -4.5 -12.8

.. -3.3 -7.4 -15.6 -14.0

-2.8 0.4 -9.0 .. .. .. .. -7.9 -14.4 -12.0

So urce: OECD, A ustralian B ureau o f Statistics, Canadian Real Estate A sso ciatio n, Statistics Canada, INSEE, Irish Department o f the Enviro nment, Heritage and Lo cal Go vernment, Euro stat, Japan Real Estate Institute, Japanese M inistry o f Internal A ffairs and Co mmunicatio ns, B anco de Espana, Instituto Natio nal de Estadistica, U.K. Office fo r Natio nal Statistics, U.S. Natio nal A sso ciatio n o f Realto rs, U.S. B ureau o f Labo r Statistics, Sco tia Eco no mics.

10