Story perspectives

Global Housing Markets Plunge: China's Decline Hits Home

6/20/2025

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Summary

Story summary

China's property market is declining, with new home prices down 0.22% and existing home prices down 0.5% in May.
Experts predict a slow recovery due to oversupply and economic uncertainty, with demand for new homes below 2017 levels.
In Canada, Toronto condo sales fell 75% and Vancouver's by 37%, causing increased inventory and halted construction.
The U.S. housing market is struggling, with housing starts down 9.8% in May, the lowest in five years.

History

Historical Context

The 2008 financial crisis, triggered by the collapse of the U.S. housing bubble, saw home prices plummet by about 30% and led to widespread economic turmoil. Today, China's property market mirrors this crisis, with new home prices down 0.22% and demand below 2017 levels, suggesting potential for prolonged economic instability and shifts in housing policies globally.

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Story summary

China's property market is declining, with new home prices down 0.22% and existing home prices down 0.5% in May.
Experts predict a slow recovery due to oversupply and economic uncertainty, with demand for new homes below 2017 levels.
In Canada, Toronto condo sales fell 75% and Vancouver's by 37%, causing increased inventory and halted construction.
The U.S. housing market is struggling, with housing starts down 9.8% in May, the lowest in five years.

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