〈The Standard, Aug 5, 2022〉The secondary property market in Hong Kong has turned quiet and banks have lowered their valuations for flats in many housing estates accordingly, as interest rates and pandemic cases continue to spiral up.

The number of housing estates where bank appraisals for homes fell on a monthly basis increased from six to 12 among 50 indicator housing estates, with the declines ranging from 0.11 to 2.59 percent, which was wider than during May to June.

Bank appraisals slipped up to 1.26 percent at the six housing estates that saw valuation declines.

Only one estate saw valuations go up (and that's by 0.38 percent) in June to July, whereas the estates chalked up seven increases ranging from 0.3 to 1.53 percent in May to June.

〈The Standard, Aug 4, 2022〉Annual rents in the Toronto area have soared at the fastest pace on record, according to a new report - with rents for one-bedroom units averaging around C$2,200 (HK$13,400) a month.

Urbanation, which provides data on greater Toronto area condo and rental apartment markets, released figures for the second quarter of 2022 on July 14.

The research firm said as the GTA rental market recovered from the effects of the pandemic and rents rose, the smallest and least expensive units saw the highest growth rates.

Average condo rents in the GTA were up 5.9 percent from the first quarter and 16.7 percent year on year, according to the report.

〈Hong Kong Business, Aug 3, 2022〉Only 4,997 building units were sold in July, representing a 49.8% YoY and a 20.6% MoM decline.

Of those sold, 3,671 were residential units. The number of sold residential units dropped 23.9% from May, and 51.6% from the same period last year.

Total consideration for sold residential units likewise dipped in July, decreasing 25% MoM and 56.9% YoY to $33.9b.

Overall, total considerations for all properties sold during the month dropped 21.1% MoM and 55.4% You to $41.9b

〈Asian Post, Aug 2, 2022〉Approved residential mortgage loans dropped 5.9% MoM to $51.4m in June, the Monetary Authority reported.

The drop was likely due to the 15.2% MoM decrease in the number of mortgage applications in June. Applications were only 10,938.

Of the total mortgage loans, $7.1b (+4.7% MoM) and $31.1b (-17.1% MoM) were used to finance primary and secondary market transactions, respectively.

The remaining $13.2b (+27.6%) was used for refinancing.

After taking into account the June record, the outstanding value of mortgage loans has reached $1.7744t.

Meanwhile, mortgage loans drawn down in June rose 27.5% to $29.5b.

〈Business Post, Aug 1, 2022〉Office rent in Hong Kong Island is expected to grow moderately in the second half of the year, Knight Frank reported.

This comes as Knight Frank observed that current rents, particularly in prime locations, have become more affordable compared to pre-pandemic levels.

“We expect demand for prime locations to continue to grow and support overall leasing momentum, driving moderate rental growth in 2H22,” the report read in part. The property consulting firm also noted that this has fueled trends to recentralise.