 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
. N: z; w# o! D C* s% I- @- L TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
. G, g# Q$ ~) ~6 |- D2 {- ymiddle of a significant correction that is partly reversing the extensive
' n) a4 I! D- k" D7 X; ]gains of recent years and which is helping restore affordability conditions,
# q) c- L9 r) E9 |according to the latest housing report released today by RBC Economics.
7 ?: S/ J. n5 Z0 Q) E3 P" L/ G "The province's housing markets remain under heavy downward pressure,"
$ H9 p6 a0 x4 M5 |# xsaid Robert Hogue, senior economist, RBC. "While housing affordability is$ R) w! w7 K: e) X
improving as the correction process runs its course. RBC's affordability
/ F" J/ c' d3 a0 n( rmeasures for the province are still at levels far off historical averages."
1 S% e$ }7 s, X2 s9 x: F7 h& p' C RBC notes that the sharp rise in unemployment since last summer is
' }& U0 l/ X# s- ~" O( aworrying households in the province and weighing down demand for housing,
* q d1 J5 J6 h) ?, ?which runs well short of available supply. Such weak market conditions have* g% y0 G% O, u5 R3 Z% m6 o) } M' _: v
sustained the declining trend in prices for both existing and new homes.
5 A5 B; d# G- H# s* T9 | The RBC Affordability measure for British Columbia, which captures the. [7 n( }2 z) x) m
proportion of pre-tax household income needed to service the costs of owning a
6 U' U O$ d' X5 S( Hhome, improved across all housing segments in the last quarter of 2008.
: _5 w' [' M1 d" G6 @+ F9 W/ `Affordability of detached bungalows in the province moved to 66 per cent, the
, V! n, t; b: U# M n; H; cstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and' {7 J1 H7 V$ f$ B4 [$ P7 d( c
the standard two-story home to 73.7 per cent.& N3 | T9 S+ ^5 r; Y
According to the report, there are signs that the B.C. housing markets V( C6 u/ R& A
may be stabilizing as sales of existing homes appear to have bottomed out in" a* E& T* [0 A1 P+ [
the closing months of 2008 and the first two in 2009 - although at
! o% U) ^$ G9 ^" Zhistorically depressed levels.9 f5 w& n& w5 E5 o# z
Despite sharply declining house prices and lower mortgage rates, the cost
( S; U, p3 S! B% R# Hof homeownership in Vancouver is still the highest in the country. House7 v7 ?' F0 m. ], W2 N
prices continue to rapidly decline and pricing power remains firmly in the
8 {4 |0 p5 ?. e0 L% I( b3 Phands of buyers with the sales-to-new listings ratio at historical lows. "This+ h! n# B' p" v9 [; Q
enormous imbalance suggests that prices will likely further correct in the
' i. s/ }7 e. r* K) v# l5 Rmonths ahead," added Hogue.
5 E; h! B6 V0 v RBC's Affordability measure for a detached bungalow for Canada's largest
8 i& \; d& A7 L1 s7 {2 |- B/ e: f' vcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
% A; G# {0 o5 }42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.8 x/ w* z) N: K& j! B& p
The report also looked at mortgage carrying costs relative to incomes for
3 Q9 F- U0 j# n$ {5 p: Ea broader sampling of cities across the country, including Victoria. For these
$ M- \8 t4 n7 y8 E7 xcities, RBC has used a narrower measure of housing affordability that only# g {6 n9 g9 S, D6 k4 ~) N7 r
takes mortgage payments relative to income into account.& h" B+ y- R7 S& J) i
The Housing Affordability measure, which RBC has compiled since 1985, is
4 l5 |! c0 ?" p gbased on the costs of owning a detached bungalow, a reasonable property n+ T$ R7 B1 o6 Z1 V$ E
benchmark for the housing market. Alternative housing types are also presented5 p n: J* N( t% W
including a standard two-storey home, a standard townhouse and a standard
: P4 {" {& L% k' O; ^3 Zcondominium. The higher the reading, the more costly it is to afford a home.; L) E' n( k& }: M) x
For example, an Affordability reading of 50 per cent means that homeownership
, {+ {" L* X$ @% ~+ V- Lcosts, including mortgage payments, utilities and property taxes, take up 50
( A4 ~, j5 a& q; U5 }0 Fper cent of a typical household's monthly pre-tax income.
7 K2 e# Z$ {) N; A2 S9 Q# s7 M% K" l1 v2 K9 {; [# J
<<
x( k. b# w$ z6 h' o! |0 c: w Highlights from across Canada:7 x& Y( d# r- V d, q6 x
+ V8 O2 k* k% [6 T - Alberta: Since last fall, the declining Alberta economy has
0 x) K# Z2 d2 A/ H3 n$ v9 M intensified the downdraft on the province's housing markets, causing
# L9 L. N+ Z; H1 w. M! K! s q home resales to drop to a 12-year low at the end of 2008 and rebound& _+ \* l% |$ W. _# }
only modestly since. Affordability has been on an improving track. R# P b, T# [' L) d+ \, U u
since about the middle of 2007.
. k7 {1 M1 s* P+ A - Saskatchewan: Market activity has cooled considerably from the# m3 e1 b+ o* V2 ]" ]
frenzied pace from 2006 to early 2008 and prices have begun to/ C) p( _8 U) J$ R6 e
decline. Nonetheless, economic and demographic fundamentals are still( ]" m; c1 Q3 ^. i3 E
largely supportive of the housing market and overshadow extremely
! p6 U$ b( d8 Q# b# k4 ]2 m* [ poor affordability levels.. |- V1 U% |4 d; g' h/ ]
- Manitoba: Manitoba's housing markets have fared much better than the
4 R+ o4 l8 Z, Q& s# Y2 h vast majority in Canada: resale activity has slowed moderately and
$ e. V0 A5 F, x! w8 O& x5 d prices have either held their own or edged down just slightly.4 [: \+ _ T$ ?" L: U( G% C
Affordability has been kept out of the danger zone, helping to" f) D3 b1 S7 U# o
minimize any downside risks.. C: G. `( F; L6 V
- Ontario: With the recession pounding many communities, housing market
' y I% I# n) \( \# \6 k- T/ D conditions have deteriorated considerably. However, the impact is
3 u9 @- L; @" y0 s* R ? unlikely to develop into an all-out rout similar to that of the early
2 {& n, F9 R0 H4 D 1990s. Affordability, while still causing some stress, is quickly6 {$ U/ H; N! s: h" o# Z$ r4 K6 ]$ I! R
being restored to levels closer to long-term averages.
% G" }( q! x8 N" M; B1 ? - Quebec: The province's housing markets have been among the last in, |' X; \. V# B! L9 L9 t9 _/ z
Canada to yield to the weakening trend. The main sign of cooling thus- f7 k$ f: \1 w
far has been a drop in resale activity, as prices have held up
& v+ _% R, R- e reasonably well. Some of the persisting market strength can be: U: E# I/ }& E: x" \, K% y7 ~! Z
ascribed to sensible affordability levels, which had eroded only x, s4 y; e6 C/ t" e7 o
modestly in recent years.! ]" s8 O$ g. i. R
- Atlantic region: Markets have largely remained stable against the# G2 i0 c- P+ \+ s9 C/ z# h" m" v
general housing downturn, with St. John's becoming the housing hot5 N0 [# T* \8 i* z6 y
spot in Canada and Halifax and Saint John maintaining steady upward
4 l9 f9 R3 j7 P price momentum. The region is benefiting from improving affordability, U/ C5 Q; y( g+ c9 E* I( P
following two years of deterioration.) ^ X6 t# M4 V! O) p! ?
>> |
|
狗仔卡
发表于 2009-4-15 19:05
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
发表于 2009-4-15 19:53
