Canadian homes could lose a quarter of their value by the end of next year. In new zealand, prices have dropped for five consecutive months. And in australia, two and five homes are worth less than they were three months ago. The cracks are also starting to appear in pandemic hot spots that became really popular with buyers during lock downs. Nordig markets such as norway and sweden look particularly exposed to us. They stand out for their relatively high shares of mortgage holders compared with outright owners. Almost half of those rates are fixed for no more than two years so once borrowers current terms expire, monthly payments will jump.