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Global Real Estate Trends is available on scotiabank.com, Bloomberg at SCOT and Reuters at SM1C

March 28, 2014Global Economics

Scotiabank Economics

Scotia Plaza 40 King Street West, 63rd Floor

Toronto, Ontario Canada M5H 1H1

Tel: (416) 866-6253 Fax: (416) 866-2829

Email: [email protected]

This report has been prepared by Scotiabank Economics as a resource for the clients of Scotiabank

Opinions, estimates and projections contained herein are our own as of the date hereof and are

subject to change without notice. The information and opinions contained herein have been

compiled or arrived at from sources believed reliable but no representation or warranty, express o

implied, is made as to their accuracy or completeness. Neither Scotiabank nor its affiliates accepts

any liability whatsoever for any loss arising from any use of this report or its contents.

TM Trademark of The Bank of Nova Scotia. Used under license, where applicable.

Global Real Estate TrendsAdrienne Warren (416) 866-4315 [email protected]

The recovery in global property markets is becoming more entrenchedand broadly based. An improving economic outlook combined with

historically low borrowing costs are buoying confidence in the sector,

notwithstanding still soft labour markets in many regions. In our latest

round-up of international house prices, roughly two-thirds of national

markets posted real annual price appreciation through the end of

2013, up from 40% a year earlier.

Among advanced economies, Canada continues to hold its place near

the top rungs of our survey. Average inflation-adjusted house prices

rose 8% y/y in Q4. The national average increase is skewed by a mix

of sales favouring some of the country’s priciest markets, but most

centres continue to post moderate annual price gains slightly

outpacing inflation.

We expect the pace of Canadian house price growth will slow this

year. Sales have been weakening since last fall as higher prices

alongside tougher mortgage rules eroded affordability. Recent

declines in some fixed mortgage rates may provide some temporary

relief, although modestly higher borrowing costs are still on the horizon

as global growth picks up. An emerging oversupply of condominiums

in several large urban centres also risks putting downward pressure on prices.

The U.S. housing recovery has lost some momentum. Affordability, while still good, has been dented by higher

prices and borrowing costs. Meanwhile, tight credit conditions and lacklustre job growth have restricted the pool

of first-time buyers, which remains well below normal levels. Even so, tight supply continues to underpin

valuations, with real house prices up 6% y/y in Q4.

From a cyclical perspective, the U.S. housing expansion has further to go. Improving job and income growth

should underpin strengthening sales this year, while new construction will widen the pool of listings. In both

Canada and the United States, we expect some release of weather-induced pent-up demand this spring.

Property markets in Europe are mixed, mirroring divergent regional economic conditions. Improving domestic

activity is supporting strengthening real house price growth in Ireland (+6% y/y), Germany (+5% y/y) and the

U.K. (+3% y/y). Switzerland and Sweden are posting steady increases of around 4% y/y.

At the same time, weak economic growth and historically high unemployment continue to hold back the housing

recovery in a number of other European nations, including France (-2% y/y). Conditions also remain quite weak

in Spain (-5% y/y) and Italy (-6% y/y), though prices appear to be nearing a bottom after an extended period of

declines. Improving regional growth prospects should support a more synchronized pickup in 2014.

A re-acceleration in home prices in China has lifted the nation back to the top of our international ranking,

though the pace of increase has shown some signs of slowing in early 2014 amid moderate policy tightening.

Australia’s housing market also has heated up again (+7% y/y), while Indonesia and Thailand are seeing

steady price growth of about 4% y/y. Conditions remain much softer in South Korea, India and Russia.

Latin American housing markets remain among the best performing in the group, supported by relatively healthy

domestic demand and improving inflation dynamics that have allowed monetary policy easing in a number of

Global Housing Recovery Deepens

-10 0 10 20

Italy*India

RussiaSpain

Japan*France

South KoreaMexico

U.K.Indonesia

BrazilThailandSweden

ChileSwitzerlandGermany**

IrelandU.S.

AustraliaCanada

ColombiaPeru

China

*2013Q3 **2013. Source: Scotiabank Economics

2013Q4,y/y % chg

Real House Prices


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Global Real Estate Trends

March 28, 2014 Global Economics

2

countries. Peru and Colombia continue to lead the region with real house prices

advancing around 10% y/y, while Chile is posting steady gains of 5% y/y.

Mexico’s housing market has lagged, but should benefit from domestic market

reforms and a strengthening U.S. economy. Even Brazil’s housing market has

remained fairly resilient in the face of weak growth and a significant tightening in

monetary policy.

Global property markets will likely gain further traction this year as the economic

recovery becomes more entrenched and labour market prospects improve. Long-

term borrowing costs are drifting higher, but excess capacity and subdued

inflation should anchor short-term interest rates at historically low levels. From a

regional perspective, the U.S. housing recovery should remain an outperformer

among advanced nations, while positive medium-term demographic and income

trends support rising housing demand in many emerging markets in Asia and

Latin America.

Focus on Canada

— An Increasingly Diversified Market

Canada’s housing sector appears to be moving back onto a more sustainable

trajectory. Home sales in the first two months of the year were running just 1%

above a year earlier and about 6% below the average level of the past decade. A

combination of factors are contributing to the more moderate sales trend,

including weaker job growth, lower housing affordability, and a widening gap

between the cost of owning versus renting.

Prices continue to climb despite the more tempered sales environment. The

national average house price in January/February was up almost 10% y/y.

However, the headline increase is magnified by stronger sales in some of

Canada’s priciest markets, including Vancouver. Constant quality house price

measures put the underlying price trend at around 5% y/y — consistent with a

market that is fairly well balanced overall, though slightly favouring sellers in some

segments.

Regional conditions vary substantially. Home sales in Calgary and Vancouver

have picked up sharply over the past year, with demand in the former fuelled by

strong employment and population growth well above the national pace, while the

latter is recovering from weak conditions last year. Sales were generally more

muted in Ontario, Quebec and the Atlantic provinces, suggesting the winter deep-

freeze continues to deter buyers. Only in three provinces — Alberta,

Saskatchewan and Manitoba — are sales trending above their 10-year average.

In a few markets, including Toronto and Calgary, a lack of listings for single-family

homes appears to be holding back sales. Sellers’ conditions continue to dominate

the undersupplied single-family market, lifting already high prices even higher.

Buyers have more leverage in the more-amply supplied condominium market,

notably in Toronto where prices are posting moderate increases even amid strong

demand. As a result, the price premium for a single-family home relative to a

condominium continues to widen.

The shortage of single-family homes for sale combined with strained affordability

for first-time buyers will buoy resale condominium demand in the year ahead,

though prices should be restrained by sizeable new inventory of recently

completed units. Sales and prices of new condominiums, a large share of which

are purchased by investors, are expected to remain soft. Meanwhile, relatively

tight market conditions could continue to pressure single-family home prices in

some of Canada’s largest urban centres.

200

300

400

500

600

00 02 04 06 08 10 12 14

Canadian Existing Home Sales

Source: CREA, Scotiabank Economics

000s, annualized

10-year average

0.20

0.30

0.40

0.50

0.60

0.70

90 95 00 05 10

Canadian Housing Affordability

Source: Scotiabank Economics

Mortgage payment /PDI per worker

Long-term average

National Average

100

200

300

400

500

600

700

05 07 09 11 13

Benchmark House Price (HPI) -Toronto

Source: CREA, Scotiabank Economics

$000s

Single-family

Apartment


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3

Canadian Residential Markets

Housing Starts

-10

-5

0

5

10

15

20

100

150

200

250

300

90 92 94 96 98 00 02 04 06 08 10 12 14

000s of units, a.r. y/y % change

New HousingPrice Index

Source: CMHC, Statistics Canada, Scotiabank Economics.

Housing Starts

New Home Construction

0

5

10

15

20

25

90 92 94 96 98 00 02 04 06 08 10 12 14

Row & Apartment

Singles & Semis

000s of units

Source: CMHC, Scotiabank Economics.

New Home Inventory

1.0

1.5

2.0

2.5

3.0

3.5

90 92 94 96 98 00 02 04 06 08 10 12 1

ratio of new list ings-to-sales

Source: CREA, Scotiabank Economics.

Roughly BalancedMarket

Existing Home Inventory

200

300

400

500

600

100

200

300

400

500

90 92 94 96 98 00 02 04 06 08 10 12 14

$, 000s 000s of units, a.r.

Average Price

Unit Sales

Source: CREA, Scotiabank Economics.

Existing Home Sales

Canada B.C. Alberta Sask. Manitoba Ontario Quebec Atlantic

(000s units, sa)2008 211 34 29 7 6 75 48 122009 149 16 20 4 4 50 43 112010 190 26 27 6 6 60 51 132011 194 26 26 7 6 68 48 132012 5 7 7 77 7

2013 188 27 36 8 7 61 38 10

2014ytd 186 26 38 7 5 60 42 9

2014f 178 25 37 8 6 56 36 10

2015f 172 24 36 7 6 54 35 10

(units, nsa) Vancouver Calgary Edmonton Toronto Ottawa Montreal Halifax St. John’s

2008 19,591 11,438 6,615 42,212 10,302 21,927 2,096 1,8632009 8,339 6,318 6,317 25,949 8,930 19,251 1,733 1,7032010 15,217 9,262 9,959 29,195 9,133 22,001 2,390 1,8162011 17,867 9,292 9,332 39,745 8,214 22,719 2,954 1,9232012 19,027 12,841 12,837 48,105 8,785 20,591 2,754 2,153

2013 18,696 12,584 14,689 33,547 8,484 15,632 2,439 1,734

2014ytd 16,284 15,588 9,378 35,298 2,766 14,712 504 864

Year-to-date data are expressed at annual rates.Source: Canada Mortgage and Housing Corporation (CMHC), Scotiabank Economics c alculations and forecasts.


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4

Canadian Residential Markets

2

3

4

5

6

7

8

90 92 94 96 98 00 02 04 06 08 10 12 14

% of disposable income

Mortgage InterestPayments

Source: Statistics Canada, Scotiabank Economics.

0.0

0.2

0.4

0.6

0.8

90 92 94 96 98 00 02 04 06 08 10 12 14

% of mortgages in arrears three or more months

Mortgage Arrears

Source: Canadian Bankers Association (CBA), Scotiabank Economic

0

2

4

6

8

1012

14

16

90 92 94 96 98 00 02 04 06 08 10 12 14

%

5-YearConventional

Prime

Source: Bank of Canada, Scotiabank Economics.

Home Sales

Residential Mortgage Rates Household Mortgage Debt Service

Residential Mortgage Arrears

0

5

10

15

20

90 92 94 96 98 00 02 04 06 08 10 12 14

y/y % change

ResidentialMortgages

Source: Bank of Canada, Scotiabank Economics.

Residential Mortgage Credit

Canada British Columbia Alberta Man.-Sask. Ontario Quebec

Avg. Pri ce Uni ts Avg. Price Uni ts Avg. Pri ce Units Avg. Price Units Avg. Pri ce Uni ts Avg. Price Units Avg. Pri ce Units

2008 304,612 433,058 454,599 68,923 353,748 56,045 205,730 23,970 301,375 182,349 214,831 76,752 171,258 24,532

2009 320,020 466,205 465,725 85,028 341,818 57,543 216,278 24,153 317,490 197,011 224,545 79,105 182,640 22,844

2010 338,732 447,933 505,178 74,640 352,301 49,723 231,661 23,987 341,425 196,662 242,257 80,027 193,174 22,461

2011 362,349 459,771 561,304 76,721 353,394 53,756 247,152 27,013 365,018 201,761 254,207 77,165 201,009 22,912

2012 363,469 454,362 514,836 67,637 363,208 60,369 261,626 27,797 384,455 197,620 264,096 77,377 208,952 23,104

2013 382,570 457,787 537,414 72,936 380,969 66,080 274,671 27,270 402,547 198,675 267,673 71,229 210,290 21,161

2014ytd 401,560 438,180 578,864 77,076 401,803 63,756 281,891 26,112 418,292 181,434 269,693 69,936 209,523 19,410

ancouver Calgary Edmonton Ottawa Montreal Avg. Pri ce Uni ts Avg. Price Uni ts Avg. Pri ce Units Avg. Price Units Avg. Pri ce Uni ts Avg. Price Units Avg. Pri ce Units

2008 593,767 25,149 405,267 23,136 332,852 17,369 379,943 76,387 290,483 13,908 259,057 40,440 232,106 6,472

2009 592,441 36,257 385,882 24,880 320,378 19,139 396,154 89,255 304,801 14,923 271,676 41,751 239,158 6,062

2010 675,853 31,144 398,764 20,996 328,803 16,403 432,264 88,214 328,439 14,586 292,919 42,298 253,610 5,944

2011 779,730 32,936 402,851 22,466 325,595 16,963 466,352 91,760 344,791 14,551 307,465 40,353 260,950 6,119

2012 730,063 25,445 412,315 26,634 334,318 17,641 498,973 88,157 352,610 14,497 318,190 40,089 270,742 6,239

2013 767,765 28,985 437,036 29,954 344,977 19,552 524,089 88,946 358,876 14,049 320,490 36,522 274,880 5,186

2014ytd 811,162 32,556 456,184 30,150 360,368 17,196 547,003 82,512 355,279 13,284 328,717 35,196 276,452 4,326

Source: Canadian Real Estate Association (CREA), QFREB, Scotiabank Economics calculations. Year-to-date data are expressed at seasonally adjusted annual rates.

Toronto

Atlantic

Halifax


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5

Canadian Non-Residential Markets

0

100

200

300

400

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

index: 1999Q1 = 100 Institutional &Government

Residential

Commercial

Industrial

Source: Statistics Canada, Scotiabank Economics.

0

2

4

6

8

10

12

14

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

%

National Central Office

Vacancy Rate

Source: Cushman & Wakefield, Scotiabank Economics.

0

2

4

6

8

10

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

%

Vancouver

Toronto

Calgary

Montreal


0

1

2

3

4

5

6

7

8

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

%

National Industrial

Vacancy Rate


0

2

4

6

8

10

12

14

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

%

Montreal

Toronto

CalgaryOttawa Vancouver


Building Permits

Total Res. Indust. Comm. Inst. &

Gov’t

2008 7 . . 5. .7 7.2009 . .7 . . .

2010 7 . .5 5. 5. .52011 7 . .5 5. . .2012 . . .5 7. .2013 . . 5.7 . 7.

2014ytd . 55. .5 7. .

are expressed at seasonally adjusted annua l rates.

(C$ billions)

Source: Statistics Canada, Scotiabank Eco nomics. Year-to-

Office Markets Industrial Markets

Industrial Vacancy RatesLargest Four Markets

Office Vacancy RatesLargest Five Markets

Building Permits


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6

U.S. Residential Markets

0.0

0.4

0.8

1.2

1.6

2.0

2.4

90 92 94 96 98 00 02 04 06 08 10 12 14

mns of units, a.r.

Single-Unit

Multiple-Unit

Total

Source: U.S. Census Bureau, Scotiabank Economics.

0.0

0.2

0.4

0.6

0.8

1.0

1.2

90 92 94 96 98 00 02 04 06 08 10 12 14

mns of units, a.r.

South

West

Midwest

Northeast


50

10

15

20

25

30

2

3

4

5

6

7

8

90 92 94 96 98 00 02 04 06 08 10 12 14

mns of units, a.r., 3MMA

Unit Sales (Singles only)

Average Price

$, 000s,3MMA

Source: National Association of Realtors (NAR), Scotiabank Economics

Housing Starts Permits

Total Single s M ultis We st South M idw es t North

East Total Singles Mult is

2008 0.906 0.622 0.284 0.196 0.453 0.135 0.121 0.905 0.576 0.330

2009 0.554 0.445 0.109 0.117 0.278 0.097 0.062 0.583 0.441 0.142

2010 0.587 0.471 0.116 0.120 0.297 0.098 0.071 0.605 0.447 0.157

2011 0.609 0.431 0.178 0.132 0.308 0.101 0.068 0.624 0.418 0.206

2012 0.781 0.535 0.245 0.175 0.398 0.128 0.080 0.830 0.519 0.311

2013 0.925 0.618 0.308 0.215 0.464 0.150 0.097 0.967 0.616 0.351

2014ytd 0.908 0.582 0.326 0.232 0.511 0.068 0.098 0.982 0.594 0.388

2014f 1.14

2015f 1.40

Year-to-date data are expressed at seasonally-adjusted annual rates.

Source: U.S. Census Bureau, Scotiabank Economics calculations and forecasts .

(millions of units) (millions of units)

Housing Starts Housing Starts by Region

Existing Home Sales

100

150

200

250

300

350

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

90 92 94 96 98 00 02 04 06 08 10 12 14

mns of units, a.r., 3MMA

Unit Sales

Average Price

$, 000s, 3MMA

Source: U.S. Census Bureau, Scot iabank Economics.

New Home Sales


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7

U.S. Residential Markets

2

4

6

8

10

12

14

16

90 92 94 96 98 00 02 04 06 08 10 12 14

%

West

South

Midwest

Northeast


1

2

3

4

5

6

3

4

5

6

7

8

9

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

%

30-Year Mortgage Rate

MBA Mortgage ApplicationIndex – Purchases Only

index

Source: Mortgage Bankers Association (MBA), FHLMC,Scotiabank Economics.

-2

0

2

4

6

8

90 92 94 96 98 00 02 04 06 08 10 12 14

Consumer Price Index, y/y % change

Owners'Equivalent Rent

Rent of PrimaryResidence

Source: U.S. Bureau of Labor Statistics, Scotiabank Economics.

Existing Home Sales New Home Sales

Mortgage Rates and Applications Housing Costs

Apartment Vacancy Rates

2

4

6

8

10

12

14

90 92 94 96 98 00 02 04 06 08 10 12 14

months' supply, 3MMA

Existing

New

Source: U.S. Census Bureau, National Association of Realtors(NAR), Scotiabank Economics.

New and Existing Home Inventories

TotalAvg Price

($000s)

Months’

SupplyWest South Midwest North East Total

Avg Price

($000s)

Months’

Supply(sa) (nsa) (nsa)

2008 4.110 240.4 10.0 0.990 1.590 0.950 0.570 0.482 288.9 10.72009 4.340 217.1 8.3 1.130 1.640 0.980 0.590 0.374 268.2 9.02010 4.190 220.2 9.0 1.080 1.630 0.910 0.570 0.321 271.5 8.0

2011 4.260 212.9 8.1 1.130 1.680 0.910 0.540 0.306 263.4 6.62012 4.660 224.0 5.8 1.160 1.840 1.070 0.590 0.368 285.4 4.82013 5.090 243.8 4.9 1.190 2.050 1.200 0.660 0.430 317.7 4.7

2014ytd 4.610 236.6 5.0 1.040 1.965 1.020 0.585 0.448 315.2 5.1

Source: National Association of Realtors (NAR), U.S. Census Bureau, Scotiabank Economics calculations.Year-to-date data are expressed at seasonally-adjusted annual rates.

(million units, saar, unless otherwise noted)


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8

International Residential Markets

Inflation-Adjusted Home Prices

0

100

200

300

400

96 98 00 02 04 06 08 10 12

1996=100

Ireland

U.K.


0

100

200

300

400

96 98 00 02 04 06 08 10 12

1996=100

Spain

France


0

100

200

300

400

96 98 00 02 04 06 08 10 12

1996=100

Australia

Sweden


0

100

200

300

400

96 98 00 02 04 06 08 10 12

1996=100

Italy


Switzerland

0

100

200

300

400

96 98 00 02 04 06 08 10 12

1996=100

Canada


United States

0

100

200

300

400

96 98 00 02 04 06 08 10 12

1996=100

Japan

Germany



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9

International Residential Markets

International House Prices(Inflation-adjusted*, y/y % change)

Source of nominal house price data:

Australia: Price index of established houses, weighted average of 8 capital cities. Australian Bureau of Statistics.

Canada: National average price of existing home sales. Canadian Real Estate Association (CREA).

France: Price index of second-hand dwellings. National Institute of Statistics and Economic Studies (INSEE).Germany: Resale house price index. Bundesbank unpublished. Bank for International Settlements (BIS).

Ireland: Average price of second-hand houses (before 2006). Irish Department of the Environment, Heritage and Local Government.

Residential Property Price Index, all dwellings (from 2006). Central Statistics Office.

Italy: Resale house price index, average of 13 urban areas (before 2011). Bank of Italy.

House Price Index, new and existing homes, all dwellings (from 2011). Eurostat/Istat.

Japan: Residential urban land price index. Japan Real Estate Institute.

Spain: Average price of second-hand houses. Bank of Spain.

Sweden: Real Estate Price Index, buildings for permanent living. Statistics Sweden.

Switzerland: Price index for single-family homes. Swiss National Bank.

United Kingdom: Mix-adjusted house price index, all dwellings. U.K. Office for National Statistics.

United States: National average price of existing single-family home sales. National Association of Realtors.

Russia: Average price per square metre, existing homes, all dwellings, urban areas. Federal State Statistics Office.

Brazil: Residiential real estate collateral value index, all dwellings, urban areas. Central Bank of Brazil.Chile: New House Price Index (IRPV), Greater Santiago, all dwellings. Chilean Chamber of Construction.

Colombia: New House Price Index (IPVN), all dwellings, 23 municipalities. National Administrative Department of Statistics (DANE).

Mexico: Housing Price Index (Indice SHF), new and existing homes, all dwellings. Sociedad Hipotecaria Federal.

Peru: Price per square meter of apartments, Lima. Central Reserve Bank of Peru (BCRP).

China: Sale price of second-hand residential buildings, Beijing. National Bureau of Statistics of China.

India: Housing Price Index (NHB Residex), new and used homes, all dwellings, 15 cities. National Housing Bank.

Indonesia: Residential Property Price Index, new homes, all dwellings, 14 city composite. Central Bank of Indonesia.

South Korea: House Price Index, new and existing homes, all dwellings. Bank of Korea.

Thailand: Housing Price Index, single-detached house (incl. land), Bangkok & vicinity, Government Housing Bank loans (before 2009). Bank of Thailand.

Housing Price Index, single-detached house (incl. land), Bangkok & vicinity, Commercial Bank loans (from 2009). Bank of Thailand.

2005 2006 2007 2008 2009 2010 2011 2012 2013 13Q1 13Q2 13Q3 13Q4

Australia -1.2 4.2 9.0 0.1 1.7 9.1 -5.9 -2.5 4.1 0.9 2.9 5.9 6.7Canada 7.7 9.2 8.6 -3.1 4.8 4.1 4.1 -1.2 4.3 0.2 2.5 7.3 8.5

France 13.5 10.1 5.0 -2.3 -7.2 3.4 3.6 -2.8 -3.0 -3.2 -3.1 -3.3 -2.2

Germany -3.9 -2.8 -1.2 -1.7 -0.2 0.9 2.5 4.5 4.7 .. .. .. ..

Ireland 10.0 11.8 5.6 -9.0 -16.6 -11.6 -14.3 -14.7 0.9 -4.0 -0.9 2.7 5.8

Italy 5.5 3.6 2.9 -0.9 -1.3 -1.5 -2.2 -5.9 -8.2 -7.2 -6.4

Japan -4.8 -3.6 -1.1 -2.6 -2.4 -3.1 -2.9 -2.7 -2.3 -1.6 .. -2.5 ..

Spain 11.2 6.5 2.6 -3.9 -7.3 -5.7 -9.2 -11.3 -7.9 -11.2 -9.0 -6.6 -4.9

Sweden 8.6 10.8 8.2 -0.2 1.9 6.6 -1.9 -2.3 3.2 2.7 3.3 2.9 4.0

Switzerland -0.1 1.4 1.3 0.3 5.5 4.0 3.9 4.4 4.9 4.0 5.9 5.0 4.6

United Kingdom 3.4 4.0 8.6 -4.6 -10.0 4.0 -5.4 -1.2 1.0 -0.5 0.2 0.8 3.4

United States 6.1 -2.0 -5.0 -12.7 -9.3 -0.2 -6.4 3.1 7.4 7.6 7.9 7.7 6.3

Russia 10.9 38.4 35.3 10.3 -12.4 1.4 -29.3 9.9 -3.2 -0.4 -2.2 -3.8 -6.2

Brazil 3.9 9.0 13.8 16.7 18.8 19.2 12.6 6.5 3.8 3.9 3.6 3.9 3.7

Chile -1.5 -5.2 -2.1 -2.1 0.4 1.9 5.3 2.7 5.2 6.5 5.1 4.7 4.6

Colombia 4.1 3.3 10.8 6.7 5.5 5.3 6.2 7.6 9.4 9.8 9.9 9.2 8.8Mexico .. 3.0 3.6 -0.5 0.1 -0.3 0.8 0.7 0.0 -0.8 -0.5 1.0 0.4

Peru -6.1 -4.1 2.4 22.1 14.1 9.4 13.7 18.1 14.1 16.8 10.8 16.5 12.5

China .. .. .. .. -1.0 1.7 -4.5 -4.8 11.1 3.8 10.2 13.7 16.7

India .. .. .. -0.7 -5.9 3.3 6.2 -2.2 -2.1 2.7 -1.6 -2.2 -6.6

Indonesia -6.5 -7.8 -4.1 -6.3 -2.6 -2.3 -0.7 0.3 5.2 6.1 6.5 4.9 3.4

South Kore a -2.0 3.9 6.6 -0.7 -2.6 -0.5 1.2 0.7 -1.7 -2.0 -2.0 -2.0 -1.0

Thailand 3.5 -0.9 -1.1 -6.6 5.2 -2.3 -0.7 -1.8 3.3 1.5 3.9 3.7 3.9

* Nominal hous e prices deflated by national co nsumer price indices.

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