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March 28, 2014
Global 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: scotia.economics@scotiabank.com
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
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Global Real Estate Trends
Adrienne Warren (416) 866-4315
adrienne.warren@scotiabank.com
The recovery in global property markets is becoming more entrenched
and 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 countrys 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.
Australias 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
Russia
Spain
Japan*
France
South Korea
Mexico
U.K.
Indonesia
Brazil
Thailand
Sweden
Chile
Switzerland
Germany**
Ireland
U.S.
Australia
Canada
Colombia
Peru
China
*2013Q3 **2013. Source: Scotiabank Economics
2013Q4,
y/y % chg
Real House Prices

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.
Mexicos housing market has lagged, but should benefit from domestic market
reforms and a strengthening U.S. economy. Even Brazils 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
Canadas 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
Canadas 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 Canadas 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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March 28, 2014
Global Economics
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 Housing
Price 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 14
ratio of new listings-to-sales
Source: CREA, Scotiabank Economics.
Roughly Balanced
Market
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 uni ts, sa)
2008 211 34 29 7 6 75 48 12
2009 149 16 20 4 4 50 43 11
2010 190 26 27 6 6 60 51 13
2011 194 26 26 7 6 68 48 13
2012 215 27 33 10 7 77 47 13
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. Johns
2008 19,591 11,438 6,615 42,212 10,302 21,927 2,096 1,863
2009 8,339 6,318 6,317 25,949 8,930 19,251 1,733 1,703
2010 15,217 9,262 9,959 29,195 9,133 22,001 2,390 1,816
2011 17,867 9,292 9,332 39,745 8,214 22,719 2,954 1,923
2012 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 calculations and f orecasts.

Global Real Estate Trends

March 28, 2014
Global Economics
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 Interest
Payments
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 Economics.
0
2
4
6
8
10
12
14
16
90 92 94 96 98 00 02 04 06 08 10 12 14
%
5-Year
Conventional
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
Residential
Mortgages
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 Uni ts Avg. Price Uni ts Avg. Pri ce Uni ts Avg. Pri ce Units Avg. Pri ce Uni ts
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
Vancouver Calgary Edmonton Ottawa Montreal
Avg. Pri ce Uni ts Avg. Price Uni ts Avg. Pri ce Uni ts Avg. Price Uni ts Avg. Pri ce Uni ts Avg. Pri ce Units Avg. Pri ce Uni ts
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

Global Real Estate Trends

March 28, 2014
Global Economics
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
Source: Cushman & Wakefield, Scotiabank Economics.
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
Source: Cushman & Wakefield, 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
%
Montreal
Toronto
Calgary
Ottawa
Vancouver
Source: Cushman & Wakefield, Scotiabank Economics.

Building Permits
Total Res. Indust. Comm.
Inst. &
Govt
2008 70.4 40.9 5.1 16.7 7.8
2009 61.0 34.7 3.9 13.8 8.6
2010 72.4 43.5 5.1 15.4 8.5
2011 74.0 44.5 5.2 16.3 8.0
2012 80.9 48.4 6.5 17.9 8.0
2013 80.8 48.4 5.7 18.9 7.8
2014ytd 83.8 55.2 4.5 17.3 6.9
are expressed at seasonally adjusted annual rates.
(C$ billions)
Source: Statistics Canada, Scotiabank Economics. Year- to-
Office Markets Industrial Markets
Industrial Vacancy Rates
Largest Four Markets
Office Vacancy Rates
Largest Five Markets
Building Permits

Global Real Estate Trends

March 28, 2014
Global Economics
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
Source: U.S. Census Bureau, Scotiabank Economics.
50
100
150
200
250
300
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 Singles Multis West South Midwest
North
East
Total Singles Multis
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 f orecasts.
(mi l li ons of uni ts) (mi ll i ons of uni ts)
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, Scotiabank Economics.
New Home Sales

Global Real Estate Trends

March 28, 2014
Global Economics
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
Source: U.S. Census Bureau, Scotiabank Economics.
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 Application
Index 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 Primary
Residence
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
Total
Avg Price
($000s)
Months
Supply
West 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 10.7
2009 4.340 217.1 8.3 1.130 1.640 0.980 0.590 0.374 268.2 9.0
2010 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 6.6
2012 4.660 224.0 5.8 1.160 1.840 1.070 0.590 0.368 285.4 4.8
2013 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)

Global Real Estate Trends

March 28, 2014
Global Economics
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.
Source: Scotiabank Economics
0
100
200
300
400
96 98 00 02 04 06 08 10 12
1996=100
Spain
France
Source: Scotiabank Economics
0
100
200
300
400
96 98 00 02 04 06 08 10 12
1996=100
Australia
Sweden
Source: Scotiabank Economics
0
100
200
300
400
96 98 00 02 04 06 08 10 12
1996=100
Italy
Source: Scotiabank Economics
Switzerland
0
100
200
300
400
96 98 00 02 04 06 08 10 12
1996=100
Canada
Source: Scotiabank Economics
United States
0
100
200
300
400
96 98 00 02 04 06 08 10 12
1996=100
Japan
Germany
Source: Scotiabank Economics

Global Real Estate Trends

March 28, 2014
Global Economics
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 6.7
Canada 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 8.8
Mexico .. 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 Korea -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 house prices deflated by national consumer price indices.