A report from Bloomberg on Canada. "The housing numbers out of Vancouver, once among the world’s hottest real estate markets, are getting more dismal with each passing month. With Canada’s rising household debt levels 'perilously high,' more needs to be done to lift incomes that have stagnated for years within British Columbia’s real estate fuelled economy, according to Tamara Vrooman, chief executive officer of Vancouver City Savings Credit Union."

"'Real estate has been our oil, in many ways,' she said. 'It’s been the dominant factor in our regional economy.'"

From The Province in Canada. "A few months back, Postmedia News reported that a single-family detached home had been listed in Vancouver for less than a million dollars. As demand shrinks and supply grows, the appearance of Vancouver homes now selling for less than a million is becoming more common."

"According real estate blogger Steve Saretsky, Vancouver housing sales in the first part of 2019 were at the lowest levels in 30 years. 'As a result we are seeing inventory grow and prices move lower across all segments,' Saretsky wrote. 'We are seeing more homes in East Vancouver selling below the million dollar mark and the vast majority of homes are selling below the tax assessed value.'"

"He also pointed out that the recent big declines in prices for expensive homes was starting to trickle down to the lower end of the detached market."

From Business in Vancouver in Canada. "There were 10 project launches in the region in April – five of which were wood-frame condo developments in West Coquitlam, New Westminster and Langley – totalling 865 homes. Of those, just 20% have sold so far, said MLA Advsory. That compares with an absorption rate of 43% in April 2018, of the 879 presales released that month."

"Suzana Goncalves, chief advisory officer and partner at MLA Canada, said, 'MLA Advisory estimates that nearly 5,000 concrete units within 17 projects have postponed their sales launches [to wait] for more favourable market conditions.'"

"The group is warning that the reduction in new home supply, caused by the slowing housing market, will have significant effects in the long term. Goncalves added, 'These concrete pre-sale project delays, along with decreases in housing starts by up to 20% province-wide, will have drastic long-term implications on our housing supply, affordability and home ownership.'"

The West Australian. "The State Government has ruled out any change to the 7 per cent surcharge for foreign property buyers despite apartment developers complaining that the impost has smashed off-the-plan sales, putting new projects in jeopardy and damaging job creation."

"WA Property Council executive director Sandra Brewer said foreign buyers were typically the first movers in off-the-plan apartment sales, which was key to building sales momentum and getting new projects approved. 'Without those early sales, projects are at risk of not getting off the ground,' she said."

From Nine Finance in Australia. "Housing prices are plummeting as Australia's property market continues to experience the wobbles, and many now fear buying or selling is too much of a gamble. But despite the drop in prices, there are more dwellings on the market than at any time since 2012."

"Ola Zaryzycki, 63, saw her house sell for $300,000 less than it had been valued at only a year earlier. 'It was heartbreaking, absolutely heartbreaking,' she said."

From Mirage News in Australia. "UNSW Business School’s Jonathan Reeves notes there is a large amount of historical evidence that indicates Australian house prices by 2017 were a very large bubble."

"'There were three primary factors indicating a housing bubble. Firstly, values were not supported by fundamentals such as household income. Secondly, debt levels to finance housing were excessive. And finally, there was a high presence of speculative investors,' he said."

"Dr Reeves has looked at the bursting of historically large housing bubbles and says that peak-to-trough falls typically exceed 30 per cent."