Latest news with #post-COVID-19
Global News
13 hours ago
- Business
- Global News
Canada must double home construction over 10 years for affordability: CMHC
Canada's housing agency says home construction in the country will need to double within the next 10 years if affordability levels are to reach what was last seen in 2019. The Canada Mortgage and Housing Corp. (CMHC) said up to 4.8 million new homes will need to be built by 2035, with its latest supply gaps estimate report showing between 430,000 and 480,000 housing units are needed annually — far more than projections by the CMHC of 245,000 starts each year. 'Tackling this housing affordability challenge is enormous, it's absolutely critical to increase housing supply,' said Aled ab Iorwerth, CMHC deputy chief economist. Ab Iorwerth said, during a podcast published by the agency, that doubling the pace of construction was achievable but it would require a 'significantly larger and modernized workforce,' as well as more investment from the private sector, fewer delays and less regulation. Story continues below advertisement Earlier this week, the CMHC said housing starts in May edged down 0.2 per cent compared to April, with 279,510 units. The report, released Thursday, stated that restoring affordability levels that were last seen in 2004 was 'no longer realistic.' That goal was laid out in 2023, when the agency estimated Canada would need to build an added 3.5 million housing units by 2030, in addition to the 2.3 million projected to be built by that year. 1:05 'No wrong places to build housing': Robertson responds to AG report's criticism But the post-COVID-19 surge in housing costs 'changed Canada's affordability landscape,' and challenges being seen in places like Toronto and Vancouver — already ongoing for decades — would take more time to tackle. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The report includes reassurances that increasing the housing supply is unlikely to cause financial instability as 'these forces take time to produce reactions.' Ab Iowerth added the projections in the report were calculated on a 10-year timeline for that reason. Story continues below advertisement But Ab Iowerth noted if supply is not added, prices will only get worse. 'We have predictions that, without increasing supply, house prices will continue to become more and more affordable,' he said. 'There's that challenge, but there's equally a challenge in the rental system. Rents will continue to rise because of the absence of supply, so if we don't tackle this problem, it will become a bigger and bigger problem that starts to pile up and become worse.' Housing construction was a key issue during the federal election campaign earlier this year, with the Liberals promising to double the rate of residential construction over the next decade to reach 500,000 homes per year. The plan emphasized scaling up prefabricated housing construction. It said a new entity called Build Canada Homes would provide $25 billion in debt financing and $1 billion in equity financing to prefabricated homebuilders to reduce construction times by up to 50 per cent. The CMHC report shows a return to 2019 affordability levels in the next decade would lead to house prices being roughly one-quarter lower than they would be in 2035 as it currently stands, with average rents down by an average of five per cent. Without changes, however, Ab Iowerth warns the issues facing Canadians is unlikely to shift. Story continues below advertisement 'The average person looking to rent or buy a house right now is facing a big challenge: not only is it costly, but even finding a place is hard,' he said. 'We need more housing supply so that people can move to Vancouver and find the work they want or move to Toronto and get the job they want and, in the process, help the Canadian economy.' —with files from The Canadian Press
Korea Herald
15 hours ago
- Business
- Korea Herald
Kospi closes above 3,020 for first time in 3 1/2 years
Postelection optimism fuels sharp rally, lifting hopes of a market renaissance The Kospi did not just return — it roared back. On Friday, South Korea's benchmark index surged past the long-awaited 3,000 mark and kept climbing, closing at 3,021.84, up 1.48 percent from the previous session. It was the first time the Kospi ended above 3,020 since Dec. 28, 2021. The rally seemed modest at the start, with the index opening just 0.29 percent higher at 2,986.52. Retail investors led early gains with net buying, while foreigners and institutions sold into strength, keeping the benchmark tightly anchored below the key level. That restraint vanished once the Kospi cracked 3,000 around 10:45 a.m. Momentum took over, lifting the index past 3,010 by 11:20 a.m. The market stayed buoyant throughout the afternoon, hovering near 3,010, before accelerating again in the final minutes of trading. The Kospi hit an intraday peak of 3,022.06 just before the close, settling near the high of the day. It was a historic session: Not only did the Kospi reclaim the 3,000 level for the first time since January 2022, but total market capitalization hit a record 2,472 trillion won. According to the Korea Exchange, the Kospi first crossed the 3,000 mark on Jan. 7, 2021, peaking at 3,305 in July that year. But post-COVID-19 momentum faded amid a global slowdown and recession fears, pushing the index into a prolonged slump. For much of the past year, it remained trapped in a narrow range between 2,200 and 2,800. Gains were broad-based, with most of the Kospi's top market heavyweights finishing higher. SK hynix and LG Energy Solution each rose more than 4 percent, while Naver surged nearly 7 percent. Hyundai Motor climbed 1.5 percent and Samsung Biologics added 1.7 percent. The tech-heavy Kosdaq also posted solid gains, rising 1.15 percent to close at 791.5. Institutional and foreign investors bought a combined 84 billion won, offsetting retail selling. Friday's milestone extends a two-week honeymoon rally under President Lee Jae-myung's new administration, reinforcing renewed investor confidence despite external headwinds, including Middle East tensions and lingering tariff risks. The Kospi has staged a near-unbroken rally since June 2, the eve of the general election, logging only one down day on June 13. After crossing the 2,700 mark on Lee's first full day in office, the index has jumped 12 percent, buoyed by expectations for policy reform and pro-growth momentum. 'The Kospi reversed course earlier this year as dip-buying resumed and the Trump administration announced tariff deferrals, with the rally gaining further traction around the presidential election,' the Korea Exchange said. 'The launch of the new administration has eased political uncertainty and lifted sentiment on expectations of market-friendly policies.' Analysts say the market is responding sharply to government signals. 'The Kospi's strength is being driven more by expectations of capital market reform and a valuation rerating than by earnings growth,' said Kang Jin-hyeok, analyst at Shinhan Securities. He added that Friday's rally reflected investor optimism following Thursday's unveiling of a 30.5 trillion won ($22.3 billion) supplementary budget. "This, combined with expectations of one or two additional rate cuts later this year, is fueling hopes for increased liquidity in the market.' Market watchers expect momentum to persist, brushing aside concerns of postelection fatigue. 'If current earnings trends hold, the Kospi could reach 3,100 by year-end,' said Noh Dong-kil, strategist at Shinhan Securities. 'And if rising liquidity drives a further rerating in valuations, the index could climb as high as the 3,400 range.' 'Despite the rally, Kospi's valuation remains at a neutral level," said Lee Soo-jung of Meritz Securities, adding, "With stimulus measures such as the supplementary budget and revisions to the Commercial Act upcoming, there's a strong possibility of an overshoot in the Korean stock market.' Lee anticipated foreigners to remain key drivers. After nearly 10 months of net selling, foreign investors turned net buyers in May, purchasing 1.2 trillion won, followed by an additional 5.3 trillion won in June. They remain net sellers of 8 trillion won year-to-date. Still, caution lingers as external risks and a slowing domestic economy continue to pressure sentiment. 'Despite strong policy momentum and supportive catalysts unique to the Korean market, broader fundamentals and external risks — such as weak earnings prospects, trade tensions and geopolitical instability — should not be overlooked,' said Han Ji-young, strategist at Kiwoom Securities. 'A breakout above 3,100 this year is possible, but navigating volatility will be crucial at those levels.'
Hindustan Times
5 days ago
- Business
- Hindustan Times
Maharashtra Housing Policy 2025: Statewide survey proposed to assess housing demand in post-COVID-19 era
The Maharashtra government, as part of its Maharashtra Housing Policy 2025, has proposed a housing demand survey across all districts to assess the current requirements. The government noted that post-COVID-19, housing needs and consumption patterns have changed drastically, making it essential to update the policy framework. According to the policy, a detailed housing need survey and analysis will be carried out across all districts of the state and is targeted for completion by 2026. This will enable a district-wise understanding of housing demand. "These surveys will focus on understanding existing housing conditions, socio-economic profiles, and access to basic infrastructure and services. The collected data will serve as the foundation for policy formulation, resource allocation, and prioritisation of housing projects to address diverse regional and demographic needs effectively," the policy reads. The policy highlights that a core component of the survey will be a comprehensive demand analysis aimed at capturing both current and projected housing needs across various income groups and geographic areas. Also Read: Maharashtra Cabinet approves Housing Policy 2025, targets 35 lakh affordable homes by 2030 It will take into account factors such as migration trends, rental housing dynamics, and the demand for affordable, rental, and special category housing. This data-driven approach, the policy states, will help the state align its housing supply strategies with actual ground-level demand, enabling more targeted and effective planning. The policy emphasises a need-based survey approach to ensure inclusive and equitable housing solutions across Maharashtra. As per the approved framework, the survey will assess housing requirements across different income groups, with a special focus on vulnerable populations such as economically weaker sections (EWS), low-income groups (LIG), working women, senior citizens, students, and persons with disabilities. Also Read: Maharashtra approves new housing policy after nearly two decades: 5 key highlights The Maharashtra government has also decided to conduct a district-wise survey of government land banks by March 2026 to identify land for public housing projects. The Maharashtra cabinet on May 22 approved the state's much-awaited 2025 Housing Policy, aiming to construct 35 lakh affordable homes by 2030. With an investment outlay of ₹70,000 crore, the policy outlines a comprehensive plan to support homebuyers, developers, and other stakeholders across the housing ecosystem. Also Read: Maharashtra Housing Policy 2025 offers major benefits for senior living buyers; Stamp duty reduced to flat ₹1,000 The Maharashtra government has also given incentives for senior living housing projects. Under the new policy, stamp duty for buyers of such properties has been reduced to a flat ₹1,000, down from the current 5% to 7% of the property's value, depending on the location.
Yahoo
13-06-2025
- Health
- Yahoo
This city is the worst for bed bugs in the US
You may not want to know this, but your city likely has bed bugs. In a new list, the pest control company Terminix has identified the 50 cities it treats the most for the pests. Bed bugs are blood-sucking insects that can quickly infest homes. It can take months to eradicate infestations. "We have seen a consistent increase in bed bug control service performed since the 'new normal' post-COVID-19 pandemic,' explained Terminix Technical Service Manager Eric Braun. To make the list, the company used service data from more than 300 branches across the country. The city of Montgomery, Alabama, came in at 50. 'When looking at which states appear the most, Ohio, Texas, Florida, California, and Pennsylvania dominate, suggesting regional trends in infestations are likely tied to climate, housing trends, and travel hubs,' Terminix said. Which cities are at the top of the list? Here are the 10 worst cities for bed bug infestations. Philadelphia takes the top spot for the second consecutive year. The City of Brotherly Love wasn't the only Pennsylvania hub on the list. Pittsburgh was ranked number 15. This may seem fairly self-explanatory. The Big Apple has consistently ranked high. But, New York is even higher on Terminix's list this year, climbing into the top five. So, has Cleveland. Terminix says its standing reflects continued struggles with these persistent pests. The City of Angels takes fourth. Big urban areas with a lot of food and warm temperatures are where bed bugs thrive. Dallas-Fort Worth rounds out the top five. The metropolitan area is frequently hit by summer storms. Atlanta may take the sixth slot, but this southern hub isn't even in Orkin's top 10 cities. Another Texas city! Last year, another list from Pest Gnome ranked the city, with a population of more than 2 million, in its third spot. The nation's capital has been in Orkin's number one spot before. On the West Coast, the San Francisco Bay Area also lands inside the top 10. That may be surprising if you're looking for the city on Orkin's recent list. It came in at 41 last year. Sacramento, Stockton, San Diego, and Modesto also rank within Terminix's top 50. Indiana's capital city might round out the top 10. But don't be fooled. There are plenty of other Midwest cities, such as Dayton, Columbus, Chicago, and Cincinnati. There are also cities in the South.
New Indian Express
13-06-2025
- Politics
- New Indian Express
AI171 plane crash: Vijay Rupani's lucky number '1206' becomes date of his last journey
AHMEDABAD: Former Gujarat chief minister Vijay Rupani considered '1206' his lucky number and ensured it featured on all vehicles he owned over the years. The number has now become synonymous with one of the worst aviation tragedies in India's history, in which he lost his life along with 264 others on Thursday. Rupani was among 242 persons on board a London-bound Air India flight that crashed into a building of a medical college and hostel in the Meghaninagar area moments after taking off from the Sardar Vallabhbhai Patel International Airport on Thursday afternoon. The former chief minister considered 1206 as his lucky number, but it has now become the date of his final journey, June 12 (12/6). In his hometown Rajkot, people could identify Rupani's car by its vehicle registration number 1206. According to locals of Rajkot and journalists, Rupani's scooters and cars bore the same number. Rupani was travelling to his daughter's place in London, as his wife Anjaliben, who is also an active member of the BJP, was also there. Anjaliben reached Gandhinagar on Friday morning. Gujarat state BJP chief and Union Jal Shakti Minister CR Paatil on Thursday confirmed Rupani's death in the plane crash. The 68-year-old leader was known for his composed demeanour and firm administrative style. He served as Gujarat's chief minister from August 2016 to September 2021 and steered the state through a critical post-COVID-19 recovery phase. He started off as a student leader, leading several agitations, and was an activist of the Akhil Bharatiya Vidyarthi Parishad in his college days. In 1975, Rupani was imprisoned for a year in the Bhavnagar jail while protesting against the Emergency. He entered public service in 1987 when he was elected as a corporator in the Rajkot Municipal Corporation and later became the mayor. He was a member of the Rajya Sabha between 2006 and 2012. His tenure as the chief minister saw the launch of the state Industrial Policy 2020 and initiatives for tribal upliftment. Rupani stepped down from the post in September 2021, making way for Bhupendra Patel ahead of state elections. He was later appointed as BJP in-charge of Punjab.
