While the number marks the sixth consecutive quarter of declining numbers, the softening is the most significant change so far since June 2022. Bloomberg reports.
Property values fell due to higher interest rates; buyers demand better yields as governments issue low-risk bonds. Some of this has been offset by rising rents, but there is still uncertainty in the market about when interest rate cuts might come.
"The level of decline in value has moderated significantly across all market sectors," Altus head of performance analysis Phil Tily wrote in the report. “The market can be split into two camps, with industrial and residential performing best, while retail and office were just above average.” Warehouse saw the best cash flow during the quarter, up 1.4 percent.
