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No Nosedive Ahead for Canadian Real Estate Prices: RE/MAX – RE/MAX News



Canadian real estate kicked off 2020 with a bang, but there are conflicting opinions as to how we’ll finish out the year. Canada’s federal housing agency has warned that average house prices could fall by up to 18 per cent over the next 12 months – a dismal prediction that’s being challenged by RE/MAX based on market activity from coast to coast.

Basic economics has taught us that supply and demand dictates housing prices, and according to what RE/MAX brokers are reporting at ground level, housing inventory is down in many markets, demand is still high, and multiple offers are a common scenario. Assuming that demand continues its current course, Canadian real estate prices will likely remain relatively stable or experience a single-digit price correction at worst – which is a far cry from CMHC’s dire decline of up to -18 per cent.

“CMHC doesn’t seem to understand the sheer number of sellers that would have to accept this kind of price reduction, in order for average housing prices to plummet to this degree in such a short time span,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario Atlantic Canada. “Sellers simply won’t accept that kind of discount on their listings. A statement of this nature is panic-inducing and irresponsible.”

Is Canadian Real Estate In Trouble?

Late last year, RE/MAX expected Canadian real estate prices to rise by 3.7 per cent in 2020. A few short months later, COVID-19 threw everyone for a loop. This week, Canada Mortgage and Housing Corp. (CMHC) has predicted that average home prices could decline anywhere between nine and 18 per cent in the coming year, due to the economic impacts of COVID-19. In addition, CMHC warns that mortgage deferrals could rise from 12 to 20 per cent by September, with up to one-fifth of all mortgages ending up in arrears, if the Canadian economy does not recover sufficiently.

“The resulting combination of higher mortgage debt, declining house prices and increased unemployment is cause for concern for Canada’s longer-term financial stability,” CMHC CEO Evan Siddall told the House of Commons Standing Committee on Finance earlier this week.

However, the Big Banks, economists and many Realtors aren’t aligned with CMHC’s expectation.

What the Big Banks are Saying About Canadian Real Estate

According to this recent article published by The Globe And Mail, CIBC said Canadian real estate prices could fall between five and 10 per cent this year compared to 2019. Similarly, RBC forecasts a decline of seven per cent, while BMO expects a five-per-cent decline.

“[Mr. Siddall] said that all these things will happen if the economy ‘does not recover sufficiently.’ That’s a very broad statement,” CIBC deputy chief economist Benjamin Tal told The Globe And Mail. “Without looking at the assumption behind that statement regarding GDP growth, unemployment rate and so on, it is very difficult to assess the likelihood of such a prediction. Is it a worst-case scenario, or the base case? I think he was highlighting a worst-case scenario,” he said.

A single-digit decrease in house prices can be classified as a correction, and is a far cry from CMHC’s trough of -18 per cent.

RE/MAX Brokers Report Low Housing Inventory, Multiple Offer Scenarios

RE/MAX brokers in some of the biggest Canadian real estate markets say a dramatic price drop is unlikely under current conditions, barring any major unforeseen circumstances – and as we’ve all come to learn recently, anything is possible. But assuming current market conditions remain stable, the current inventory of homes for sale continues to fall short of demand – even amidst this pandemic, social distancing measures and the economic fallout.

“The recovery of the real estate market will be market and region specific,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “We are seeing a strong return to real estate inquiries, with our Realtors becoming very busy again.”

Here’s what RE/MAX brokers are reporting on Canadian real estate in some of our biggest cities and key housing markets.


Newfoundland real estate has been a consistent “down market” since 2014, thanks to weakening oil prices and a shaky local economy. COVID-19 dealt another blow, but even so, the economy was already slow in the region. Interestingly, RE/MAX reports a spike in multiple offers in the region recently.

Multiple offers have been virtually non-existent in Newfoundland since the peak in market activity in 2014. Since the pandemic, there have been a dozen. There has even a home for sale that received four offers, when previously even one offer may have been uncommon.

Housing prices in Newfoundland remain consistent right now, and the market is better positioned than originally anticipated. The pulse is good, and this is unlikely to change in the near future.

Halifax real estate was riding high before the pandemic, with a lot of good foundational activity happening across the region. Simply put, the Halifax real estate market was hot, with low housing inventory common across the marketplace. Specific to the Halifax housing market, multiple-offer scenarios continue to be common, with brokers and agents reporting sequential multiple offer scenarios on their last three, four, five deals. That’s certainly the making of stable house prices, or even increasing slightly.

About one-third of Halifax listings in recent weeks have sold over asking price, which bodes well for house prices in the near future. Showings are up, and new listings that are coming online are up slightly as well. There’s consumer confidence, but buying activity is heavily dependent on how people have been affected financially. If current trends continue, an 18-per-cent drop in home prices is highly unlikely.


Ottawa real estate has experienced an increase in home prices and a decrease in days on market – both good indicators that the housing market is stable, at least for the time being. The current seller’s market is characterized by low housing supply and high demand, which continues to drive up prices. In fact, within the last two weeks, Ottawa’s list-to-sales-price ratio has a median of 100 per cent. Most properties are still holding offers, with multiple-offer scenarios a common occurrence and homes selling for over asking price.

Within the last two weeks, compared to the previous two weeks, RE/MAX has experienced an influx of inquiries regarding properties for sale, with questions about the process of buying/selling homes. Consumers in the region want to be informed again about the housing market.

Toronto real estate is experiencing a proportionate decline in new listings and buyers, leading RE/MAX to conclude that prices should remain stable. Toronto homes are currently selling for asking price, or slightly above or below that price point, but the region has not experienced any decline in price and if current conditions continue, there’s nothing to indicate that prices will fall between nine and 18 per cent, as CMHC has predicted.

Toronto continues to experience multiple-offer scenarios, with RE/MAX reporting a consistent two or three offers on every listing. These conditions were prevalent prior to the lockdown on March 13, and continue to be the case, even with social distancing measures in place and the economic fallout. Toronto’s housing supply shortage continues, and demand remains high, as evidenced by the many multiple offers RE/MAX is seeing across the board.

The pandemic has negatively impacted listings, because many homeowners who were planning to sell are now opting to hold on to their listings, unwilling to host traditional open houses at this time. When government financial aid runs out and the six-month mortgage deferral period expires, people may then start listing their homes if they can’t afford to keep them. However, right now this is not the case. If a flood of listings does occur in Toronto this fall, it will be a short cycle.

London real estate experienced a large downturn in the number of sales in April and May compared to April/May 2019, but the region has also seen a large decrease in the number of listings compared to last year, which is causing multiple-offer scenarios.

The London housing market is holding strong, homes for sale are being scooped up and prices remain relatively stable. Within the past 14 days, RE/MAX reports 180 firm sales, 83 of which went for over asking, and 20 sold at full price. In April 2020 the average sale price in London was up slightly by a couple of thousand dollars compared to April 2019, however May’s month-to-date average price in London is about $29,000 higher compared to all of May 2019.


Edmonton real estate continues to experience a significant hit to its local economy due to oil prices, and the biggest factor going forward will be employment, or lack thereof. The impacts of COVID-19 may result in a double-digit unemployment rate, which is expected to impact housing demand.

When it comes to selling prices, RE/MAX reported some lowball offers at $40,000, $60,000 and $80,000 below asking, however none of those deals went through. Since then, those properties have gone pending close to the asking price.

Moving forward, RE/MAX expects an average five-per-cent price decrease in Edmonton throughout the rest of the year. Edmonton saw prices fall two to three per cent in 2019, based on buyer demand. Edmonton has more millennials than baby boomers, which makes it a unique marketplace. Buyers wants new homes, which means many dated homes in older neighbourhoods aren’t moving, while infill and new construction in those neighbourhoods are in high demand. Furthermore, RE/MAX is reporting an influx in downsizers who are using COVID-19 as the catalyst to sell the big house and move into a condo or smaller home.

Multiple offers are common in Edmonton’s housing market, with houses selling for $20,000 to $30,000 over asking price. This is due to buyers shifting and adjusting needs. This could present a good opportunity for investors and house flippers to tackle some of those older, larger homes.

Lenders tightening up their lending policies is a concern for the Canadian real estate economy, and how they assess and react to buyers’ employment status will affect the buyer pool. This will dictate the market in the next year post COVID-19.

Calgary real estate is experiencing a double-edged sword, due to COVID-19 and the oil industry, and the greater concern is oil. It is still too early to accurately predict where prices will trend in the coming year. Housing supply has come down, which has kept prices relatively steady. RE/MAX reports some multiple offers on properties that are priced appropriately in the right neighbourhoods. Meanwhile, some properties have seen large price drops, but it’s unclear if that is related directly to the pandemic or if it is related to the overall economy.

Some regions in Calgary are experiencing drops, but others are doing well. A five-per-cent price correction is a more likely scenario. Some price adjustments are happening already, but an 18-per-cent price drop across the board isn’t realistic. But if by chance it did happen, prices would bounce back again. Higher-priced properties will be most affected, while properties at lower price points are expected to remain fairly stable.

Vancouver real estate is fluctuating from week to week, not just on seller side but also on agent side as well. People are re-emerging, with RE/MAX reporting lots of new inventory and many multiple offers, not just on $500,000 condos but those priced in the $2-3 million range as well. and. Perception is that now with easing of restrictions, people are more confident that things are moving in the right direction.

It’s possible to have high unemployment, yet a very strong real estate market. Unemployment appears to be having a greater impact on lower earners, and with the region’s high real estate prices, homebuyers are typically those in the higher income bracket.

Vancouver Realtors who were initially fearful are back in business, and an 18-per-cent decline in Vancouver housing values – or anything close to that – is highly unlikely. A five-per-cent price correction is more likely.

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Massillon area real estate transfers April 30-May 6 – Massillon Independent



Bethlehem Township

Barr Maureen E from Lundquist Happy & Eric, parcel 1100194 Safari Trl, $8,100. 

Dickey Jay E & Janice L from Yoder Esther & Stephen E Co Trustees of, parcel 1101262 Riverdale St SW, $99,136. 

Dickey Jay E & Janice L Trustees from Stark Truss Co Inc, 9915 Sherman Church Rd, $142,851. 

Kiko John D Jr & Danielle Ttees from Stacks Eric & Monique, parcel 1101109 Nairobi St, $30,000. 

Ochsenbein Jamie from Graneto Adam J, parcel 1101081 Uganda Pkwy, $3,000. 

Phillips Billy J & Brianna M from Umh Properties LLC, 6887 Hillside Dr SW Lot 284, $41,900. 

Sterling Thomas C from Porrini Jeffrey M & Kimberly K, 128 A St Nav Vil, $81,000. 

Canal Fulton

Flashhouse Cle South LLC from Kumarappan Subramanian & Chaudhuri Urmil, 321 Alissa LN, $280,000. 

NVR Inc., A Virginia Corporation, DBA from Schalmo Properties Inc, 3033 Bonita Cir SE, $29,500. 

NVR Inc., A Virginia Corporation, DBA from Schalmo Properties Inc, 3037 Bonita Cir SE, $29,500. 

Jackson Township

Bartlett Casey from Vukmanovich Gerald S & Lora A, 1215 Leecrest St NW, $202,000. 

Corbit Laurie S & Ashby Michael D from Callisto Daniel, 2852 Sherwood Ave NW, $230,000. 

Daniska Paul & Janis from Fox Carole S, 4340 Noble Loon St NW, $350,000. 

Edmunds Michael & Amelia from Schuring Derrick J & Allison M, 7352 Montella Ave NW, $529,000. 

Mcaleese Mary from Gales Robert R & Karen T, 7028 Knight St NW, $285,000. 

RLS Properties LLC from Kitson Enterprises Ltd, 6577 Promway Ave NW, $320,000. 

Ross Charlene & Jason from Ballas William T, 5530 Brookstone St NW, $340,000. 

Seder Jeffrey L & Joy L from Carrington West LLC, 8800 Regency Dr NW, $190,000. 

Sessor Janet from Soles Deborah K, 9030 Canal Place NW, $269,900. 

Weston Robert from Weston Linda, 5920 Island Dr NW, $149,600. 

Williams John from Halsey Dustin & Sarah, 5228 Konen Ave NW, $410,000. 

Willowdale Country Club Gates Joshua from Willowdale Country Club Oblisk John Mic, 59 Willowdale Ave NW, $255,000. 

Willowdale Country Club Inc from Willowdale Country Club Inc Kellogg Dan, 87 Cherry Dr NW, $435,000. 

Zucal Jeffrey S from Schopp Robert Lee Ttee, 4182 Lochness Cir NW, $699,900. 

Lawrence Township

Cooper Connie from Coffman Jeffrey R, 132 Thomas BLVD NW, $57,000. 


Ammond Bonnie J from Ammond Bonnie J & Diloreto Miller Kara, 1839 Meadowbrook Rd SW, $81,850. 

Bauman Blair P from Saleh Wasim, 615 Wellman Ave SE, $39,900. 

Blackford James Allen from Wagner William A Jr, 522 Bebb Ave SW, $105,000. 

Blundell Shelley from Wickham Margueritte L, 1911 Amherst Rd NE, $189,250. 

Cherry Real Estate LLC from Heinzer Joseph M II, 872 9th St NE, $80,000. 

Coblentz Logan & Alberto Lauren from Coblentz Jacqueline K, 17 Rolling Park Dr S, $9,400. 

Harlan Patrick T from Lincolnway-Terrace Homes LLC, 2606 Lincoln Way W #43, $3,800. 

Harlan Timothy W from Lincolnway-Terrace Homes LLC, 2606 Lincoln Way W #58, $1,000. 

Messaris Joyce from Eschman Kenneth W Trustee, 1460 Laurenbrook LN NE, $194,900. 

Michel Zachary D & Stover Lauren G from Bennett Paul D & Michelle M, 1255 Woodforest St NW, $275,000. 

Mortimer Donald from Lincolnway-Terrace Homes LLC, 2606 Lincoln Way W #10, $1,000. 

Novak Alicia Loraine & Daniel Edward Tte from Baker Mark T TRUSTEE/MARK T Baker Trust, 403 Oak Manor Ave NE, $160,000. 

Ontrack Properties LLC from Bauman Blair P, 615 Wellman Ave SE, $75,000. 

Pilgrim Ventures LLC from 501 Strategies LLC, 22 Central CT SE, $60,000. 

Rambaud Nathan & Marion from Carter Nancy J, 871 Campbell Cir NE, $175,000. 

Riadi Ramzi & Kari Atalla & Sweis Ranny from Crescenze Michael J & Stephanie M, 39 26th St NW, $121,500. 

Robinson Todd from Barkheimer Realty Ltd, 54 Chester Ave SE, $60,000. 

Savage Carol L & Vincent Tonya M from Savage Carol L & Vincent Tonya M & Glenn, 828 Matthias Ave NE, $14,000. 

Sierra Azricam Joacim from Black Hawk Investments LLC, 49 Woodland Ave SE, $83,000. 

Smith Brandon from Gerber Rentals LLC, 1315 3rd St SE, $85,000. 

Vega Enterprises Ltd from Gales Courtney J & Emily M, 1930 Cyprus Dr SE, $230,000. 

Woodring Wendy R from Walters Samantha, 412 26th St NW, $150,100. 

Perry Township

Barbera Joey M & Peggy J & Michael Victo from Edwards Dayna, 314 Manor Ave NW, $225,000. 

Beadling Brett & Brianna from Rodriguez Robin Elaine, 6600 Highton St SW, $350,000. 

Brown David A from Cooper Gary J, 300 Proudley Ave SW, $90,000. 

Carlson Nathan M & Emily K from Carlson Maritza, 3220 Greenpark St NW, $100,000. 

Dendinger Katie & Scott from Haynes Barbara, 5010 Barrie St NW, $220,000. 

Geiser Ryan & Beverly from Hershberger Eli & Yoder Sam E, 4321 Warmont St SW, $425,000. 

Gordish Daniel P from WM Real Estate Investors LLC, 3013 Hilton St NW, $148,900. 

Greene Timothy II & Green Candice Lynn from Patterson Jewell M, 4722 Piccadilly Ave SW, $160,000. 

Hudgens Carlee Renee & Jason Duane from Early Janis & Matthew, 4540 Aurora St NW, $260,000. 

Kemp Charles R & Stephanie A from Balizet Robbie M & Andrea Denise, 7089 Crusader St SW, $315,000. 

Kern Timothy from West Manor MHP LLC, 133 Roxbury Ave NW #15, $1,000. 

Lombardi Vincent from Lombardi Anthony Jr & Ida Lee, 160 Victoria Ave NW, $130,000. 

Manos Thomas J from Manos Thomas J & Kerry Laura L, 425 Ingall Ave NW, $38,700. 

Mcbride Jason M from Deluxe Park Ohio LLC, 3454 Hilton St NW #4, $7,600. 

Midfirst Bank from Iser Michael L & Staci L, 4722 Navarre Rd SW, $72,928. 

Residential Solutions Inc from Keller Doris M, 1626 Dunkeith Dr NW, $131,000. 

Roth Austin L & Ryann L from Dibell Beth A, 5885 Drenta Cir SW, $210,500. 

Schleifer Gary M from Hail Holdings LLC, 4727 Surmay Ave SW, $35,750. 

Stockton Gayle from Selby Keith L & Francine, 152 Mount Marie Ave NW, $160,000. 

Storm’s Property Maintenance LLC from Petry Barbara L & Cross James B, 1800 Perry Dr SW, $102,000. 

Tailwind Massillon MHP LLC from Gallentine John J, 3354 Hilton Ave NW #6, $5,000. 

Wade Joyce & Matthew & Renicker Robert from Gertz James W Etal, 8544 Mapleford St SW, $47,000. 

Williams Steven P & Lisa L from TWL Investments LLC, 4673 Stevie Ave SW, $57,500. 

Sugarcreek Township

Turney Rebecca J & Kelly James from Pacula Taras P, 110 Main St W, $110,000. 

Tuscarawas Township

Bleigh Amanda from Ketler Properties LLC, 1215 Cyril Ave SW, $175,000. 

Greer David & Danielle from Greer Stephen D & Rebekah S, 10833 Graber St SW, $90,000. 

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Toronto suburbs boast the most overvalued real estate in all of Canada – blogTO



While people in and around Toronto have just had to accept (albeit begrudgingly) the region’s outrageous home prices for what they are, it’s downright maddening to look at what you could buy in other parts of the world for the amount it costs for even a tiny condo here.

It’s not just the downtown core, either, with peripheral markets in the province continuing to see prices skyrocket to unseen levels, and homes in even small-town Ontario now on par with L.A. and other larger and far more desirable cities.

Though it’s obvious the region’s real estate is not actually worth as much as it’s going for these days, the extent to which it is overvalued at this point is quite shocking.

New figures from BMO (via Better Dwelling) show that while Canadian homes in general are about 38 per cent overvalued, the issue is the worst in Ontario, where home prices are about 55.4 per cent overvalued as of the first few months of this year.

What’s most interesting is that in Toronto specifically, this number is lower than the province as a whole — at 41 per cent — while in the surrounding suburbs, it’s far higher.

Cottage country areas like Muskoka, the Kawarthas, and Haliburton are approximately 64 per cent overvalued, the bank says, while the suburbs just outside of the GTA have the highest levels of overvaluation.

Properties in “exurb” areas like London, Barrie, Niagara, Guelph and Kitchener-Waterloo — that is, not the suburbs directly around the city, but just beyond — are now around 74 per cent more expensive than what they’re worth.

Given how fast home prices have climbed in Toronto and, as a result, around the city, experts say we have been on the verge of bubble conditions for some time now; the city was actually just ranked the second-biggest housing bubble in the world at the end of last year due to its severe overvaluation.

This will, stakeholders seem to agree, eventually lead to a swift downtown and market correction, likely later this year due to a number of factors, even without the government intervention that so many have been demanding to quell out-of-control price acceleration.

While B.C., Quebec and Atlantic Canada all join Ontario in having substantially overvalued housing markets, prospective Canadian buyers can still get some bang for their buck if they’re willing to move to Alberta or Saskatchewan, which are considered undervalued.

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Real Estate Has Bucked the Deglobalization Trend – MSCI



Real Estate Has Bucked the Deglobalization Trend

  • Deglobalization has had profound implications for portfolio construction in listed assets. Conversely, with real estate, there are indications that the asset class has become more global in recent years.
  • Return dispersion across national markets has decreased, while property type has become a more important return driver across all markets, suggesting stronger international alignment, as cross-border transaction volumes have remained stable.
  • Institutional real estate investors could still face challenges from deglobalization, but a historical preference for more transparent and stable markets may help counterbalance some of them.

Real estate has historically exhibited a strong home bias, with investors favoring their local markets. Where investors have sought offshore exposure, they have typically favored markets that offer higher levels of transparency, better governance and stability. This is not to say that investors have not allocated to markets that are less transparent than their home markets. Nor that they have not pursued strategies higher up the risk curve when they invested in foreign markets. But in aggregate markets with higher transparency and government ESG scores have tended to attract more real estate capital.

Globalized real estate drivers in a deglobalizing world

The demand for international real estate is driven by the world’s largest institutional investors, many of whom have explicit global real estate investment mandates. Surveys of investor intentions show continued strong demand for cross-border investments among this group.1 Despite this sentiment, the share of the volume of cross-border transactions, as tracked by MSCI Real Capital Analytics, has remained relatively stable over the last decade, ranging between 19% and 26% of total quarterly transaction volumes.2

Even with relatively stable flows across borders, there is evidence that real estate may have become more global based on return behavior. There has been a notable decline of total-return dispersion across national markets in the MSCI Global Annual Property Index since 2008. At the same time, the spread of returns across property types has increased across all markets as technology changes (like the rise of e-commerce) and the pandemic have disrupted real estate markets, causing headwinds for sectors like retail and office but boosting other sectors like industrial. These trends point to potentially stronger international alignment in the asset class: Unlike in much of the previous two decades, since 2019 there was a greater opportunity for outperformance from allocation decisions based on property type, rather than country.

Return dispersion decreased across national markets but increased across property types

Source: MSCI Global Annual Property Index

Could deglobalization affect real estate?

Political populism, the COVID-19 pandemic and increased geopolitical tensions have all contributed to concerns about deglobalization. Business cycles may become desynchronized, leading to wider variations in the performance of equity and bond markets across countries, lower correlations and higher volatilities. The investment impact of this trend emerged in recent years: In equities, correlations between countries and regional blocs have declined.

Going forward, global investors in bonds and equities may respond by taking a more nuanced approach to asset allocation — for example, by considering new, more focused country allocations for broad allocation decisions (geopolitical blocs, energy importers versus exporters or autocracies versus democracies) and placing greater emphasis on risk factors exposed by the war in Ukraine, such as sanctions risk, reputational considerations and currency convertibility. While it is possible that similar deglobalization headwinds may emerge for real estate investors, there are several factors that could mitigate this.

One example is that, as mentioned earlier, transparency, governance and stability have always been important considerations for global real estate investors, as it is an opaque and illiquid asset class, where asset-investment life cycles are typically measured in years (the median holding period for assets in the MSCI Global Annual Property Index has been six years). The result is that markets with higher transparency, better governance scores and stronger institutions represent the lion’s share of the opportunity set and transaction volumes.

Transparency, governance and stability have mattered in real estate

Where available, market-size estimates are sourced from MSCI’s Real Estate Market Size Report 20/21. For the remaining countries, market size is assumed to be 10% of GDP. Source: JLL, Our World in Data, MSCI

Institutional real estate investors may therefore have less exposure to countries significantly exposed to decoupling risk due to deglobalization. Of the approximately USD 2.3 trillion of assets that MSCI tracks in the MSCI Global Annual Property Index and MSCI Asia Annual Property Index, over 91% of the capital value was invested in liberal democracies with real estate markets rated as transparent or highly transparent by JLL.

Nevertheless, deglobalization could have knock-on effects that impact real estate. For instance, increased political polarization and pandemic-induced supply-chain disruption could drive “nearshoring” and changes to international trade patterns.3 These changes could in turn affect the volume, nature and location of real estate demand. For example, a move from just-in-time to just-in-case logistics could increase demand for industrial-warehouse space and see some of that demand shift away from markets that are further afield and more vulnerable to potential trade disruption.

While deglobalization could result in profound consequences in asset allocation and portfolio construction, different asset classes may be affected in different ways. The distinct features of the real estate investment process, as opposed to that for listed equities and bonds, as well as the nature of the opportunity set typically available to global real estate investors, may mean that real estate could be less directly exposed to the effects of this investment megatrend.

The authors thank Alexis Maltin for her contributions to this post.

1For example, see: “2021 Institutional Real Estate Allocations Monitor.” Hodes Weill & Associates and Cornell Baker Program in Real Estate, Nov. 10, 2021.

2It should be noted that purchases made by third-party managers on behalf of offshore investors will count toward domestic volumes rather than cross-border volumes and thus may underestimate total cross-border capital flows.

3Nearshoring is the practice of transferring a business operation to a nearby country, especially in preference to a more distant one.

Further Reading

Did Deglobalization Add to Inflation Woes?

The Erosion of The Real Estate Home Bias

Real Estate’s Income Risk in an Inflationary World

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