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Europe Scorched by Record Heatwave: France and Italy Take Emergency Measures

As a blistering heatwave tightens its grip on Europe, countries are scrambling to protect citizens from soaring temperatures and mounting health risks. France has shuttered over 1,350 schools  and closed the top floor of the Eiffel Tower as temperatures surged past 40°C (104°F)  in several regions. Sixteen French departments are now under the highest heat alert, with authorities urging people to stay hydrated and indoors during peak hours. Meanwhile, Italy has imposed restrictions on outdoor work , particularly in agriculture and construction, during the hottest parts of the day. Cities like Rome, Milan, and Venice are under red alerts, with hospitals reporting a spike in heat-related illnesses. The Mediterranean Sea has also hit record highs, with waters in Spain’s Balearic Sea reaching 30°C , up to 6 degrees above average. Scientists warn that Europe—already warming at twice the global average —is facing increasingly frequent and intense heatwaves due to climate change. New ...
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Housing starts drop 10% in July: CMHC

 



According to the Canada Mortgage and Housing Corp. (CMHC), the annual pace of housing starts in July fell 10% compared with June when they posted their strongest showing so far this year. The seasonally adjusted annualized rate of housing (SAAR) starts fell to 254,966 units in July from a revised 283,498 units in June. The national housing agency says the monthly SAAR of total housing starts for all areas in Canada decreased 10% in July compared to June, which was the strongest month so far this year. Despite the monthly drop, total SAAR housing starts for all areas in Canada was 7.4% above the 5-year average.

This is a significant drop and could be attributed to various factors such as rising interest rates, high home prices, and supply chain disruptions. The CMHC also reported that Metro Vancouver’s annual pace of housing starts fell 23% in July while Toronto dropped 29%. Meanwhile, Montreal rose 12%, Calgary gained 33%, and Edmonton added 6%3.  


Impact of housing starts drop on home buyers.

The drop in housing starts could lead to a decrease in the supply of homes available for purchase. This could lead to an increase in home prices due to the lack of supply1. The cost of housing has already reached levels that are unaffordable for a large share of new home buyers, translating into a slowdown in 2022. The expected increases in borrowing costs contribute to a further slowdown in house price growth in 2022 and 2023.


Impact of housing starts drop on renters.

The drop in housing starts could lead to an increase in home prices due to the lack of supply. This could also lead to an increase in rental prices as renters compete for fewer available units. The cost of housing has already reached levels that are unaffordable for a large share of new home buyers, translating into a slowdown in 2022. The expected increases in borrowing costs contribute to a further slowdown in house price growth in 2022 and 2023.


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