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Housing Board incurred a deficit of more than $2 billion in the last financial year, up from $1.97 billion the year before

The first determinant to explain for the change in demand of HDB flats and condos would be taste and preferences. Consumers now may prefer condos over HDB flats, thus resulting in the demand for condo to increase, and the demand for HDB flats to decrease. This then causes the Housing Board to incur a loss.

Next, the number of buyers in the market will affect the demand for certain goods. When the number of buyers for condos in the market increases, the demand for condo will increase so as to make sure that buyers are able to get them. Likewise, the number of buyers in the market for HDB flats will decrease causing a drop in total revenue generated from the sales of flats,

However, the deficit incurred caused the rental related business to decrease.

This might also be due to the substitution effect. As the prices of HDB flats increase, more people turn to buying condominiums as they might think its more worth their money and in the eyes of many people it is of a higher social standing.

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Price of resale HDB flats have increased as supply of such flats decreases.

"But resale volume fell significantly in a month that also saw a record launch of new flats for sale."

The decrease in supply of resale flats may be due to the also with the increase of supply of new flats such as BTO flats. This then increases the price of the resale flats.

As the price of resale flats increase, this would mean that the launch of new flats are cheaper. Hence, supply of resale flats increase.

The decrease in supply of resale flats and the increase in demand of resale flats, results in the increase of the price of resale flats.

For this case, the number of sellers determines the supply of resale flats. Hence, if there are more resale flat owners who wish to sell their flats, the supply of resale flats will then increase.

The law of supply states that there is a direct relationship between price and the quantity supplied of the good. Therefore, the increase in price will result in an increase of quantity supplied.

This is because when HDB owners find out that price of resale flats increased, they are more likely to sell their HDB flats as it is more profitable.

This will lead to the fallacy of composition. As all flats owners think that it is a good time to sell their flats due the increase in price of resale flats, the price of such flats will drop once supply starts to exceed demand thus making some owners to lose out and be at an disadvantage.

Additionally, as resale flats will be considered as inferior goods when compared to the new flats, the supply of such products will face a decrease in numbers due to the lack of demand for resale flats as people are more willing to buy new flats.

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Private and HDB rents both fall, however HDB rents are ultimately cheaper than private

This also mean that the demand has increased due to the decreased price in HDB over private housing.

Price decreases for the rent, therefore the quantity demanded increases.
However, in this case both the rents of the housing decreases at the same time, but the HDB rents has contracted more compared to the private housing.

For private housings- "Rents are now 5.7 per cent lower than a year back and 13.7 per cent below the January 2013 recent peak."

For HDB housing -  "rents fell 0.5 per cent month on month. Rents were previously estimated to be unchanged in September but this was revised to a 0.1 per cent fall. HDB rents are now down 3.3 per cent from a year back and 7.2 per cent below its recent peak in August 2013."

Also the article noted that "Rental demand for HDB flats is quite strong, especially for the $2,500 and below segment."

Despite the large mass production of private housing as stated " A total of 13,150 private homes were completed in 2013; rising to 19,941 last year and a projected 18,977 homes for the whole of this year", it didnt help to pressure on the HDB rent, as singaporeans PREFER on affordable HDB rents.

"Thus, while the large supply of mass market condos should push such rents down and, therefore, also put pressure on HDB rents, many will still prefer the more affordable HDB rents"

This could show that the price is elastic as people are responsive to the price change, especially in HDB.

The determinants are..

-Expectation and rising home completions

-Taste and preference

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http://www.straitstimes.com/business/property/private-hdb-rents-fall-as-more-condos-are-completed

http://www.straitstimes.com/singapore/housing/hdb-resale-prices-edge-up-in-november-volume-down-srx

http://www.straitstimes.com/singapore/hdb-incurs-202b-deficit-in-last-fy

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For example, the chosen article may report on the increase in price of vegetables in Singapore.

Your task is to apply the concept of demand and supply, together with appropriate evidence from the article or other sources, to explain the increase in price.

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With the good or service that you have in mind, you are required to self-select up to a maximum of 3 news articles from any source that are related to any microeconomics concepts taught so far (e.g. demand, supply and market equilibrium, market structure, fallacies, etc.).

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analyse the behaviour of participants and prices in the market for a particular good or service using the concepts learnt in Microeconomics.

The basis of your research should be news article(s) and the latest developments of that particular market/industry and supplemented by other sources such as statistics from official agencies.