 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC : G' Q, d r$ Q5 e$ Q
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the& C+ B8 s. l& |- b X3 ]
middle of a significant correction that is partly reversing the extensive4 ^% X6 D V# D8 ^8 ^2 G' z
gains of recent years and which is helping restore affordability conditions,: r) H- l/ t' P( r: P% V/ k& Q+ u
according to the latest housing report released today by RBC Economics.) P6 e$ M3 `9 a3 R0 S% ?$ I
"The province's housing markets remain under heavy downward pressure,"
' P* F5 J9 r: \said Robert Hogue, senior economist, RBC. "While housing affordability is
0 Y* h; e4 M- }7 ?( y/ {improving as the correction process runs its course. RBC's affordability- K2 k! N5 W4 h6 X- o; Y3 p+ C: [
measures for the province are still at levels far off historical averages."/ }6 O! a# `5 L7 h7 b
RBC notes that the sharp rise in unemployment since last summer is" u8 ?3 X; h6 V; p. o
worrying households in the province and weighing down demand for housing,
: d; V5 r/ m' C0 w$ Wwhich runs well short of available supply. Such weak market conditions have
( N8 {1 ^5 ]1 h, T4 s& ]; ^# R( asustained the declining trend in prices for both existing and new homes.1 M( P# N- r& L5 M$ p+ C
The RBC Affordability measure for British Columbia, which captures the+ z% [# K1 t: R) J* c
proportion of pre-tax household income needed to service the costs of owning a
& }4 [/ e; K$ b# r, dhome, improved across all housing segments in the last quarter of 2008.; x; G/ D c6 c0 e3 p
Affordability of detached bungalows in the province moved to 66 per cent, the
. l0 D' y$ ]' {; G- T( Y1 K; T' kstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
9 S/ ~" y* a0 T1 E( P5 ]% K" [1 othe standard two-story home to 73.7 per cent.
" t, v/ L! {- w( C According to the report, there are signs that the B.C. housing markets8 p& N/ W! n- k" ~$ h$ ^" P3 J. ]
may be stabilizing as sales of existing homes appear to have bottomed out in0 V# }$ m5 t- c
the closing months of 2008 and the first two in 2009 - although at
% \# c6 z% u' xhistorically depressed levels.
3 h$ H. X8 {- W2 u Despite sharply declining house prices and lower mortgage rates, the cost
j% {) Z5 f0 x ^& m7 l" r( Wof homeownership in Vancouver is still the highest in the country. House
; p& L* [& w) B* r) N1 }- pprices continue to rapidly decline and pricing power remains firmly in the
( ]8 i8 ]' h9 P) ihands of buyers with the sales-to-new listings ratio at historical lows. "This: ~7 s' `$ O7 f% Y" m3 T: b/ C
enormous imbalance suggests that prices will likely further correct in the$ t& ~5 D9 a! W! F5 a( Q2 }: s# |
months ahead," added Hogue.; `+ Z' V, s( t' |0 ^' {
RBC's Affordability measure for a detached bungalow for Canada's largest
# c5 R! n: [8 ]0 Jcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
^2 v( c, x: S2 }. p42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
9 T6 B/ }9 A4 N1 q/ E1 F! G" o The report also looked at mortgage carrying costs relative to incomes for( \. ]8 ]- [- Q! q+ w( B6 h
a broader sampling of cities across the country, including Victoria. For these
7 f5 T! }( G m/ Dcities, RBC has used a narrower measure of housing affordability that only
+ Y: d! z3 @$ [# S- n4 d8 etakes mortgage payments relative to income into account.
: E, I8 Z% H& V, p The Housing Affordability measure, which RBC has compiled since 1985, is" J0 O) l) m- U& L1 d2 R& Q
based on the costs of owning a detached bungalow, a reasonable property; M' B7 d! N$ g0 {) a$ k* i& b& Z7 |5 R
benchmark for the housing market. Alternative housing types are also presented
0 ~( ]1 k! b8 ~# t/ `8 ]including a standard two-storey home, a standard townhouse and a standard
t, I) c8 m7 W* D- H ]( Ocondominium. The higher the reading, the more costly it is to afford a home.
9 B9 J+ O/ T6 S! |) \5 i$ C* A; QFor example, an Affordability reading of 50 per cent means that homeownership
9 Q" T% `! t* q( s; Ycosts, including mortgage payments, utilities and property taxes, take up 50
/ p$ P e) |0 Y4 @* y1 F& V0 o# b- ]per cent of a typical household's monthly pre-tax income. f& C5 R2 k" H! T7 i3 X
, u( A; l' H: V( [2 }1 f& p+ D1 k* _ <<* x9 ~( ^# t7 [. D
Highlights from across Canada:
5 D; ^3 b" `4 y K' a& a: a( T" F0 x. H- f# w
- Alberta: Since last fall, the declining Alberta economy has8 |6 U3 R+ E, t0 }
intensified the downdraft on the province's housing markets, causing: Y# j( Q& t1 ]* p) T
home resales to drop to a 12-year low at the end of 2008 and rebound5 q/ D8 s/ y# {0 v2 G1 V
only modestly since. Affordability has been on an improving track
3 E. R# f# X6 t2 @) T: S% d since about the middle of 2007./ V/ ~4 Z, u) h& k+ F/ I
- Saskatchewan: Market activity has cooled considerably from the8 y8 A& B$ W8 w
frenzied pace from 2006 to early 2008 and prices have begun to
6 f, _2 u+ u& `3 Q; P! E, j" G8 g decline. Nonetheless, economic and demographic fundamentals are still, J5 Z8 u" e5 S4 y1 `! F m
largely supportive of the housing market and overshadow extremely j7 r) l/ T0 w/ I" H/ \
poor affordability levels.
. V( j: I6 R. s! e# B9 }! c- Z - Manitoba: Manitoba's housing markets have fared much better than the
9 A% X+ \& J- {) c( h vast majority in Canada: resale activity has slowed moderately and
8 ~# N% O( y r& c6 [2 P prices have either held their own or edged down just slightly.* `& j- z1 R/ i' P9 r
Affordability has been kept out of the danger zone, helping to
# \% o+ C" y! [ minimize any downside risks.
2 P- a4 N0 m) U& k/ o( M' N5 L - Ontario: With the recession pounding many communities, housing market- b2 }$ R! ~: W- e! a( E' g
conditions have deteriorated considerably. However, the impact is' {' f6 x0 ?$ W/ G
unlikely to develop into an all-out rout similar to that of the early
8 H- O8 N7 z8 N8 a" X 1990s. Affordability, while still causing some stress, is quickly
8 `: |. a: ~* G8 w+ \ being restored to levels closer to long-term averages.7 x$ h/ _9 T3 j ?
- Quebec: The province's housing markets have been among the last in2 {- a5 {* m' a: h7 G" c
Canada to yield to the weakening trend. The main sign of cooling thus
* H3 C2 i+ |" O) U far has been a drop in resale activity, as prices have held up
2 t' p3 D7 Q# { reasonably well. Some of the persisting market strength can be
9 x8 C% _1 d* n) v ascribed to sensible affordability levels, which had eroded only
# l3 P5 `1 }9 _# g modestly in recent years.
& Y" G+ P$ D4 H! J5 Y - Atlantic region: Markets have largely remained stable against the4 [2 O! ^7 q; ?: ]9 C) _3 {, f
general housing downturn, with St. John's becoming the housing hot7 k5 |3 I2 w" p/ a6 ?
spot in Canada and Halifax and Saint John maintaining steady upward
9 g: v* U; i4 H; M$ J2 h price momentum. The region is benefiting from improving affordability( K7 O( S( O* X# B! [
following two years of deterioration.+ ~$ w& B% f1 ^0 e2 f
>> |
|
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
