 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC + C$ r2 O) [4 f' z1 s9 ^
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the' n1 j+ H% ~ M0 y0 F
middle of a significant correction that is partly reversing the extensive
( R- C- t* S" \# U& wgains of recent years and which is helping restore affordability conditions,' n" Y! m5 b( r4 c* T( v
according to the latest housing report released today by RBC Economics.7 H' n; O- c) _* K( R# ]( T
"The province's housing markets remain under heavy downward pressure,"
6 s" g( l8 z) @# i$ f; Hsaid Robert Hogue, senior economist, RBC. "While housing affordability is
; P( f7 I# Z0 b6 T! A6 Aimproving as the correction process runs its course. RBC's affordability
! }, Q e) ^) \* p* N% emeasures for the province are still at levels far off historical averages."
! m; f T( S, g1 e3 u6 j$ H8 u4 l RBC notes that the sharp rise in unemployment since last summer is
" n- E4 L3 c- ]* o; ]8 xworrying households in the province and weighing down demand for housing,
5 a3 g: a+ G5 E6 P4 _6 J" xwhich runs well short of available supply. Such weak market conditions have
+ \* m8 `% q4 K# osustained the declining trend in prices for both existing and new homes." ]9 x2 e6 t( L6 h' m# }
The RBC Affordability measure for British Columbia, which captures the
3 @" s/ J5 s" _/ ^. K$ }0 X- Sproportion of pre-tax household income needed to service the costs of owning a; o+ m; j/ ~" i' Z
home, improved across all housing segments in the last quarter of 2008.
0 {' w' E/ f2 q" s2 ]# XAffordability of detached bungalows in the province moved to 66 per cent, the. X+ x3 R, a r* W% \
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
# `; R# j6 [. }+ g7 A- v. i. k! t8 d" hthe standard two-story home to 73.7 per cent.7 n* N: P Y0 r0 g9 a
According to the report, there are signs that the B.C. housing markets
+ J' d; g6 a9 h8 y" F+ ?1 Mmay be stabilizing as sales of existing homes appear to have bottomed out in- [9 n! I. v2 b; e) c- R' n
the closing months of 2008 and the first two in 2009 - although at
* z' f7 `1 u# h) ]' Z/ v& q( Ihistorically depressed levels.; ] o7 N& y" T* M- L+ f
Despite sharply declining house prices and lower mortgage rates, the cost
, U# B% V" |. O* X; u. b% Hof homeownership in Vancouver is still the highest in the country. House
4 S0 N8 M' P- k y( Eprices continue to rapidly decline and pricing power remains firmly in the& G& D# W! A, t7 V1 N5 e0 [
hands of buyers with the sales-to-new listings ratio at historical lows. "This
* l* C1 H8 G6 [5 n: U9 C8 T- a. Denormous imbalance suggests that prices will likely further correct in the! r' [7 x4 V, U+ y/ R1 X" g+ ]
months ahead," added Hogue.
7 H2 j8 ~. x" T5 `6 r RBC's Affordability measure for a detached bungalow for Canada's largest
, P1 v; B7 @, I3 x' ccities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
+ W- Y; a( v K5 l6 Q& `/ \* H' N42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
: m, m, v9 W+ g$ i: M: V* N The report also looked at mortgage carrying costs relative to incomes for
5 X) L- w, j3 i* P3 ^ m6 U' `a broader sampling of cities across the country, including Victoria. For these
( N; d: C) `& d! C# Dcities, RBC has used a narrower measure of housing affordability that only
" B5 Y# f( ?- Mtakes mortgage payments relative to income into account.
' ]+ C) b, y, [1 O The Housing Affordability measure, which RBC has compiled since 1985, is4 F! Y* x0 S2 ]6 D" ~! w3 y' \4 F! ?( P
based on the costs of owning a detached bungalow, a reasonable property. [) K$ q3 Z$ U7 p- S+ T- K, S+ _
benchmark for the housing market. Alternative housing types are also presented
2 a+ r! n* r, R |5 W; `including a standard two-storey home, a standard townhouse and a standard
! v: E+ H! E9 @# V( G* mcondominium. The higher the reading, the more costly it is to afford a home.4 \! u2 M7 C9 I, J; E$ h2 q
For example, an Affordability reading of 50 per cent means that homeownership6 X4 c* X* y; M8 h2 G5 z
costs, including mortgage payments, utilities and property taxes, take up 50
" S# m" o: f# Z. Y) L$ Q& Kper cent of a typical household's monthly pre-tax income.# {2 }/ N0 u. p7 ^1 W
4 B3 j& l5 y* U, c7 D <<
1 y3 V: e" L5 m Highlights from across Canada:
2 a6 F, F9 U8 ]/ k) W6 p8 H+ A1 ]& t; D! U
- Alberta: Since last fall, the declining Alberta economy has, N; f: f+ ~' T( G8 \8 S, \
intensified the downdraft on the province's housing markets, causing
4 s9 a3 P4 i# E, ]& _/ O home resales to drop to a 12-year low at the end of 2008 and rebound5 O* j, ~ j* L( u
only modestly since. Affordability has been on an improving track3 n8 w3 w' T; E! e- \
since about the middle of 2007.5 p3 P: z6 a4 {9 p! i
- Saskatchewan: Market activity has cooled considerably from the9 B. M a1 H2 X0 Y
frenzied pace from 2006 to early 2008 and prices have begun to- `, K z' ^( d
decline. Nonetheless, economic and demographic fundamentals are still
" u' \9 p7 l5 U y- o4 o1 \ largely supportive of the housing market and overshadow extremely
6 R, R M+ P6 i: I$ T+ B8 C poor affordability levels.
$ e% a: a4 L9 p - Manitoba: Manitoba's housing markets have fared much better than the3 ~ ^% G. E' ^+ \0 h/ \3 C
vast majority in Canada: resale activity has slowed moderately and' _0 {: r! `* Q0 L, p9 c
prices have either held their own or edged down just slightly.1 X# r* k A" n8 Z6 Z! D6 ], r
Affordability has been kept out of the danger zone, helping to
! y; ]* t9 G9 {4 B minimize any downside risks.& l4 L. [" s% ^+ t- q
- Ontario: With the recession pounding many communities, housing market* Q% a' M. _( B, ?5 j* P, b
conditions have deteriorated considerably. However, the impact is
( n* z m9 Z4 O4 `( Z unlikely to develop into an all-out rout similar to that of the early
5 Q; X6 `# @2 c u8 v- ?7 |, [ 1990s. Affordability, while still causing some stress, is quickly# N, z* ^& G7 Y& @1 i
being restored to levels closer to long-term averages.% k( U$ X0 H/ _6 k9 ]1 ^
- Quebec: The province's housing markets have been among the last in) Q5 u7 J- P4 a7 G# q5 r5 Y
Canada to yield to the weakening trend. The main sign of cooling thus7 g; B1 Q9 w9 M
far has been a drop in resale activity, as prices have held up6 V* B5 ]8 \7 I" O- J
reasonably well. Some of the persisting market strength can be
0 s& b u: X* Q* x3 P; g" v ascribed to sensible affordability levels, which had eroded only: X. \/ W! |, ]* G3 Y( ?6 r
modestly in recent years.3 t* \6 T9 j$ m9 c3 ^
- Atlantic region: Markets have largely remained stable against the
$ |" d4 k' v3 z! J9 V general housing downturn, with St. John's becoming the housing hot
8 a. `8 C6 \* T spot in Canada and Halifax and Saint John maintaining steady upward: l/ q: L% i7 o) h! w3 ^
price momentum. The region is benefiting from improving affordability# d" q( H7 _6 B/ x8 U
following two years of deterioration.3 i; Y- ^: r+ ?% M5 L4 d
>> |
|
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
