 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC ' B) v% v1 T, }2 N# W
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the5 `, K2 q8 n7 y* t1 X6 ~* Y( D
middle of a significant correction that is partly reversing the extensive1 k6 x! ~3 X+ C% s
gains of recent years and which is helping restore affordability conditions,
' _$ P5 ^( V4 l9 \7 E8 Waccording to the latest housing report released today by RBC Economics.% k$ C% \9 {& L2 S! i
"The province's housing markets remain under heavy downward pressure,"
8 d9 F% L% f( q% [2 r M) usaid Robert Hogue, senior economist, RBC. "While housing affordability is
) G3 y3 B) W" n+ Q/ g8 T( Dimproving as the correction process runs its course. RBC's affordability; y" w: j7 b5 F
measures for the province are still at levels far off historical averages."1 j* |# v) e$ Q9 c
RBC notes that the sharp rise in unemployment since last summer is
- E8 X2 U5 l5 i+ i& M" Xworrying households in the province and weighing down demand for housing,
8 L d: j6 b$ |2 Y! mwhich runs well short of available supply. Such weak market conditions have
1 h. J9 w+ ]7 [" i6 z" \7 O/ D' W4 x2 Zsustained the declining trend in prices for both existing and new homes.' C' t0 F' x( d0 z) c' H
The RBC Affordability measure for British Columbia, which captures the2 r5 ^7 J0 f1 R+ v5 R- \
proportion of pre-tax household income needed to service the costs of owning a' u* h. M* g5 O
home, improved across all housing segments in the last quarter of 2008.
" {& h' y$ G9 TAffordability of detached bungalows in the province moved to 66 per cent, the% m& @ _$ U1 U" ~+ _! `
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
. }0 B3 j% _' ?+ w2 L. j% p2 A3 ^the standard two-story home to 73.7 per cent.
) o5 C* C& n- t( u6 ]+ t. C According to the report, there are signs that the B.C. housing markets
0 V8 |0 x) X" e3 y1 |, ]: K' Wmay be stabilizing as sales of existing homes appear to have bottomed out in' x8 ^$ n$ O4 j
the closing months of 2008 and the first two in 2009 - although at
! _7 g0 w. w2 r6 {1 C/ z: @2 `5 O6 Yhistorically depressed levels.
$ S9 v# {( h: D' l2 _ Despite sharply declining house prices and lower mortgage rates, the cost4 w a- c6 z5 }6 c' [% k- R9 N
of homeownership in Vancouver is still the highest in the country. House
" D& X4 M+ n/ l: O! Q+ J2 `prices continue to rapidly decline and pricing power remains firmly in the
j8 t" C ~# x6 @" n6 {7 F& _hands of buyers with the sales-to-new listings ratio at historical lows. "This) p% C+ P* d% ^2 B, g( N( o4 O
enormous imbalance suggests that prices will likely further correct in the" v# h; d. Y/ W7 w3 B2 Z3 X. c! ]
months ahead," added Hogue.
# `; w( ?! `/ f% a4 z. u RBC's Affordability measure for a detached bungalow for Canada's largest" ?. \5 V- m- J' f
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
3 f" W" ^0 i2 L+ m8 ?* O3 l# d% K42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
8 T, z4 {% S' B1 g5 F) J' J The report also looked at mortgage carrying costs relative to incomes for! c2 R# j0 L( _0 Z- I
a broader sampling of cities across the country, including Victoria. For these9 d% H1 X- x: ?& ^
cities, RBC has used a narrower measure of housing affordability that only* ?* e2 c3 P$ D4 i2 T# o
takes mortgage payments relative to income into account.
. C* o+ N0 L2 O3 Q' ^" z The Housing Affordability measure, which RBC has compiled since 1985, is- `" ]( v% B' c3 q W8 S" q
based on the costs of owning a detached bungalow, a reasonable property
1 r) Z7 y2 B3 i5 d2 N7 C+ K* Vbenchmark for the housing market. Alternative housing types are also presented
5 b& E7 P: B1 v6 t! B" ?* ^including a standard two-storey home, a standard townhouse and a standard" E1 p! `$ @" ]0 A
condominium. The higher the reading, the more costly it is to afford a home.
u. b5 b* R5 P2 y# w. M; J$ MFor example, an Affordability reading of 50 per cent means that homeownership
( x- h0 Q# y- [# {costs, including mortgage payments, utilities and property taxes, take up 50: C3 _2 g, I& Z6 u0 n' d# w* M
per cent of a typical household's monthly pre-tax income.
9 Y- e2 @2 e; Q. x. i+ D5 A6 A! @$ A. O0 ~( B9 k% @. l
<<
7 f9 o8 W; y; C5 o2 H$ t6 y$ W0 ?7 u Highlights from across Canada:* Z" S" D0 T& D4 M; w t6 J$ {* E: W
4 i& c- Y# k( s+ G
- Alberta: Since last fall, the declining Alberta economy has% b. d. Q) p: L/ h
intensified the downdraft on the province's housing markets, causing
5 ?' }# P8 b+ s, x# ~4 m c home resales to drop to a 12-year low at the end of 2008 and rebound8 X6 v' q% u$ `! s. P
only modestly since. Affordability has been on an improving track: D) `( I# b4 d5 E% g, B
since about the middle of 2007.
6 W* U" y$ W1 B: G1 K$ R - Saskatchewan: Market activity has cooled considerably from the' @: b2 {6 G* G# @* E
frenzied pace from 2006 to early 2008 and prices have begun to
: I7 a. o! V/ a- @% s decline. Nonetheless, economic and demographic fundamentals are still
! V% e& P7 f# |4 I& p! P# o4 ^ largely supportive of the housing market and overshadow extremely
0 l" Z3 I7 I1 e; J/ q0 U poor affordability levels.
& Q+ t/ c; ]9 }, T/ ^# ` - Manitoba: Manitoba's housing markets have fared much better than the
2 x$ O1 [" S2 x* _) }( u9 I vast majority in Canada: resale activity has slowed moderately and
! M% Q: |7 t4 h prices have either held their own or edged down just slightly.( S6 j3 q' Q G3 `) {4 d
Affordability has been kept out of the danger zone, helping to7 H! B5 H7 [; L, p8 K( N3 i
minimize any downside risks.
! c, W& f4 F) e2 x" \: L: x& s - Ontario: With the recession pounding many communities, housing market
; T# t) f, f0 Z3 w; ?. D! v conditions have deteriorated considerably. However, the impact is- ?) b$ H5 U1 O6 e# k2 [, {* B
unlikely to develop into an all-out rout similar to that of the early
# s1 d5 Y# V7 x4 Q6 _ 1990s. Affordability, while still causing some stress, is quickly# j& a0 H9 y+ c n+ T
being restored to levels closer to long-term averages.; Y/ O) ~+ V0 v# C+ h" Z" c
- Quebec: The province's housing markets have been among the last in5 m% ]& f$ h! T, K% _% R
Canada to yield to the weakening trend. The main sign of cooling thus; J' W/ y( a8 c* U& d$ G# t
far has been a drop in resale activity, as prices have held up
) R! f- @7 a" @* P7 n reasonably well. Some of the persisting market strength can be
+ Q: G( o) Z' l, I( _: A8 M ascribed to sensible affordability levels, which had eroded only$ J. H; n% D; {, i$ @( Y
modestly in recent years.
; q. s5 l- T! `/ u" R* \' V# L8 k - Atlantic region: Markets have largely remained stable against the
$ u, R" v( x% K3 t general housing downturn, with St. John's becoming the housing hot
# C- V! U1 @* |7 z spot in Canada and Halifax and Saint John maintaining steady upward/ t5 z$ p. g$ U; H2 C8 c2 \' T
price momentum. The region is benefiting from improving affordability
; _* g- H: u) D following two years of deterioration.
3 j$ I, P1 ]. ?& e/ S/ {9 c ? >> |
|
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
