 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
6 s7 I$ v& k4 R5 y4 T0 v$ T- U TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
, Q/ p# [" h, Q3 I/ K- Zmiddle of a significant correction that is partly reversing the extensive. P1 C3 g6 ?( z3 Q: S
gains of recent years and which is helping restore affordability conditions,7 ?$ b) w, W" E6 v/ i
according to the latest housing report released today by RBC Economics.+ Y0 v1 n& R# {% u7 @
"The province's housing markets remain under heavy downward pressure,", T, M& a% F, d3 Q& @0 }* K4 m
said Robert Hogue, senior economist, RBC. "While housing affordability is
; K, e i8 j; H5 v+ Simproving as the correction process runs its course. RBC's affordability
( }- Q% f- _' N4 H- {$ [. b& D/ Vmeasures for the province are still at levels far off historical averages.". E- e9 ^* e1 {( Z$ n \5 T
RBC notes that the sharp rise in unemployment since last summer is
8 D% v/ f3 \% H% H- o6 H! Yworrying households in the province and weighing down demand for housing,9 K0 a2 s& i7 H) D* [
which runs well short of available supply. Such weak market conditions have }% S N' j) W) k, k$ q3 U) X
sustained the declining trend in prices for both existing and new homes., n) P4 x( \. p
The RBC Affordability measure for British Columbia, which captures the
7 Q: j* G& L9 c9 v! ^proportion of pre-tax household income needed to service the costs of owning a
! M2 z9 }( a2 }+ \( f6 Ahome, improved across all housing segments in the last quarter of 2008.
$ D- y% G7 R/ K4 H2 r# UAffordability of detached bungalows in the province moved to 66 per cent, the
. E$ E, f' O! s/ }3 \) O4 Lstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
: Z* y' y) w- B7 S; r' Xthe standard two-story home to 73.7 per cent.1 P6 P; b4 s$ R* O2 b
According to the report, there are signs that the B.C. housing markets
# U2 H4 [( s0 `- t, X4 J9 hmay be stabilizing as sales of existing homes appear to have bottomed out in
: J0 w& w0 ]) b0 f2 R% m: |) bthe closing months of 2008 and the first two in 2009 - although at4 K) j1 G4 _, p2 z( s6 a1 l+ g$ W
historically depressed levels.
1 {" s% @* T* J; o8 X' I Despite sharply declining house prices and lower mortgage rates, the cost8 n0 Q& | ]& j9 X
of homeownership in Vancouver is still the highest in the country. House) J$ D1 `8 o5 s
prices continue to rapidly decline and pricing power remains firmly in the9 G# h% R( s1 ?$ G0 ~
hands of buyers with the sales-to-new listings ratio at historical lows. "This
5 H6 x9 Z1 s: C3 M4 W. ?; Z0 Eenormous imbalance suggests that prices will likely further correct in the6 F" V$ Y" |6 Q/ x2 [. w- f
months ahead," added Hogue.
4 D8 b+ g7 Z9 m+ u7 k! i$ s7 }$ E7 _ RBC's Affordability measure for a detached bungalow for Canada's largest4 u1 Y m3 v1 p B, s5 w
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
% [$ n8 V& E+ ^42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.. t8 N% j8 i9 _. F
The report also looked at mortgage carrying costs relative to incomes for
. z) z2 B6 Q, }9 y. L) ua broader sampling of cities across the country, including Victoria. For these7 N! z( f( `* N" Y
cities, RBC has used a narrower measure of housing affordability that only
/ S* @2 b2 Z! m6 v+ utakes mortgage payments relative to income into account.
2 c8 d3 N) \$ S8 j4 _ The Housing Affordability measure, which RBC has compiled since 1985, is
+ ?) y1 C( Q; A, Tbased on the costs of owning a detached bungalow, a reasonable property, l' C. Q! C( A3 h+ R+ }$ o c1 P
benchmark for the housing market. Alternative housing types are also presented$ y) f$ h1 \1 t2 C+ e
including a standard two-storey home, a standard townhouse and a standard
' i, x s* I2 v: Icondominium. The higher the reading, the more costly it is to afford a home.
# q9 ^6 n" u2 ^$ ^. Y. U- K8 ~. ?For example, an Affordability reading of 50 per cent means that homeownership
9 K0 S. |0 P; i0 Jcosts, including mortgage payments, utilities and property taxes, take up 50
0 P' Y2 s' y& w# ^4 hper cent of a typical household's monthly pre-tax income.
$ f( W( |( Q+ L' v
9 a9 r" h; L7 @5 t( U0 |0 L <<
5 E: l: } v: C( I! x/ p4 {" i3 g; ] Highlights from across Canada:' T5 v# O+ J& }. z) N4 W
7 Y5 i7 \" b i3 A# g5 E) P
- Alberta: Since last fall, the declining Alberta economy has
) u2 ]; W) d# {0 `- j intensified the downdraft on the province's housing markets, causing
+ \5 w% W7 L0 [ home resales to drop to a 12-year low at the end of 2008 and rebound g" B0 H4 C/ D7 Z+ X6 ^* o+ r- u
only modestly since. Affordability has been on an improving track
) X5 ]% N3 Q! b' t3 s since about the middle of 2007.8 ~8 H' U4 h J& h
- Saskatchewan: Market activity has cooled considerably from the
+ ?8 w1 B) [3 M: c! ?8 W frenzied pace from 2006 to early 2008 and prices have begun to7 W) P' J4 ]5 M9 P/ l4 }) x
decline. Nonetheless, economic and demographic fundamentals are still
% @% C; y I5 K5 R H. k) D- P largely supportive of the housing market and overshadow extremely
2 W: T& D `% b9 {6 E8 \4 [ poor affordability levels., t" w+ X4 I9 Q7 Q2 T
- Manitoba: Manitoba's housing markets have fared much better than the
9 l; X+ J4 [4 s7 F' ?& ]# c vast majority in Canada: resale activity has slowed moderately and
. d* `; F9 ?4 h- L5 N7 D0 h% t prices have either held their own or edged down just slightly.
/ B( z. x) E6 L4 ? Affordability has been kept out of the danger zone, helping to
# z1 {* c) _5 N0 Q minimize any downside risks.
5 E( R* } m) T- v4 d" d - Ontario: With the recession pounding many communities, housing market9 r6 s# q6 L/ \$ ^4 P) i: F
conditions have deteriorated considerably. However, the impact is) Z) [" H, V2 Z2 E
unlikely to develop into an all-out rout similar to that of the early
G; g7 L+ d! b) |1 f 1990s. Affordability, while still causing some stress, is quickly X/ R& B" F6 a& i. K$ U0 V
being restored to levels closer to long-term averages.. [* I( W* u/ R3 q, S# m8 F% w
- Quebec: The province's housing markets have been among the last in$ m S: }& v: N6 a
Canada to yield to the weakening trend. The main sign of cooling thus& Q, a* y D% s) Y. R: F
far has been a drop in resale activity, as prices have held up: J* C6 B/ l$ o
reasonably well. Some of the persisting market strength can be
6 h5 E& U9 Y5 m: L' V; l ascribed to sensible affordability levels, which had eroded only0 i) B |, I/ D4 g7 K3 z! D" u
modestly in recent years.
% r; ~5 I3 \) _, |% J6 J& G - Atlantic region: Markets have largely remained stable against the
9 K4 @' w# ~+ v2 c4 Y9 {# Q$ I4 X/ Q general housing downturn, with St. John's becoming the housing hot7 t* b) s- \' m [( t0 o
spot in Canada and Halifax and Saint John maintaining steady upward
3 i+ n- X( a8 v price momentum. The region is benefiting from improving affordability
: S, r% S0 `6 J) Z following two years of deterioration.
) x) h, c% ~% Y% d- z; I >> |
|
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
