 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
{/ ]; n# H0 j( V7 r" n4 Q TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
g) }1 k( [5 |" Lmiddle of a significant correction that is partly reversing the extensive
; N% [2 M. S6 H8 Y+ T2 S9 e9 ggains of recent years and which is helping restore affordability conditions,
% S" O, [' a& F' D0 b6 \according to the latest housing report released today by RBC Economics.8 }% x- s e- S& i' }6 l
"The province's housing markets remain under heavy downward pressure," o. d$ ?5 a$ o, y0 {
said Robert Hogue, senior economist, RBC. "While housing affordability is
9 Y5 H0 y8 X# d3 n% Yimproving as the correction process runs its course. RBC's affordability2 a3 x4 f4 X+ \. X. b8 ?, u$ h4 F# \
measures for the province are still at levels far off historical averages."! S7 N# S) [9 a! J4 J
RBC notes that the sharp rise in unemployment since last summer is7 `$ w- r$ O! C5 ~! V. _
worrying households in the province and weighing down demand for housing,2 \& }4 r( @! x) [; c
which runs well short of available supply. Such weak market conditions have
- v7 }: I# c0 i- W6 jsustained the declining trend in prices for both existing and new homes.
( y$ x. R% G2 K2 i" i& z The RBC Affordability measure for British Columbia, which captures the
& O9 \6 B! l2 Z. X Jproportion of pre-tax household income needed to service the costs of owning a6 a* j+ a% t {8 Y+ u* Z: G* j
home, improved across all housing segments in the last quarter of 2008.6 w# `+ O; `% ?; @
Affordability of detached bungalows in the province moved to 66 per cent, the/ K& Z6 z% R6 b& h0 s
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
8 U7 ^) n3 S8 H' Ithe standard two-story home to 73.7 per cent.2 S0 D5 K) F/ O: b [9 C+ L
According to the report, there are signs that the B.C. housing markets7 e: }3 J- J# p( `; C- j0 s( b& R
may be stabilizing as sales of existing homes appear to have bottomed out in
# x7 j8 j, p6 qthe closing months of 2008 and the first two in 2009 - although at
' u, h( \8 j- Lhistorically depressed levels.
. ^% s! H% v* w. ^1 H Despite sharply declining house prices and lower mortgage rates, the cost
9 a) Q! T; ]4 W/ Cof homeownership in Vancouver is still the highest in the country. House* m1 s% e! e0 o" a
prices continue to rapidly decline and pricing power remains firmly in the& ]. v' r! a5 |
hands of buyers with the sales-to-new listings ratio at historical lows. "This
: r0 I# m" `& d* a: q- c% a8 G; \enormous imbalance suggests that prices will likely further correct in the8 m& R7 P7 e7 k5 Z7 o; Z/ w9 W* K+ g6 `
months ahead," added Hogue.% I8 F; `0 Y( g! C
RBC's Affordability measure for a detached bungalow for Canada's largest8 \; r& U, l/ a9 D W4 M* |6 u
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
- t9 Y% ?9 r& Q- z42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
' ^1 B' A+ f% @ R9 N The report also looked at mortgage carrying costs relative to incomes for0 z* [- @6 [- y5 \' J: E3 R
a broader sampling of cities across the country, including Victoria. For these
0 R& Z9 }* L; l* P) r' n5 \0 c0 Gcities, RBC has used a narrower measure of housing affordability that only9 ], U3 P0 ]# o. i
takes mortgage payments relative to income into account.; K5 D% u) ~; n, q3 l- J4 {. M+ B! }7 ~
The Housing Affordability measure, which RBC has compiled since 1985, is& S: v1 ]" {2 g o4 x" E
based on the costs of owning a detached bungalow, a reasonable property
5 f: \) X) ?/ c% |* Y gbenchmark for the housing market. Alternative housing types are also presented) C! s j% G0 ^7 e
including a standard two-storey home, a standard townhouse and a standard
# J9 h6 k7 d$ _! }" icondominium. The higher the reading, the more costly it is to afford a home.
' z8 q2 e6 G0 y5 }" wFor example, an Affordability reading of 50 per cent means that homeownership
5 U) y% S6 @$ \5 o6 {7 \costs, including mortgage payments, utilities and property taxes, take up 50
* ^: ?* r Y. B! _ E2 ?- B( o6 Rper cent of a typical household's monthly pre-tax income.- ?, z/ @$ [ }7 z3 @
1 D4 Q5 y0 a, n& ?& X
<<! B" S+ \3 b B; v& k! }) f& ^
Highlights from across Canada:
' G; ^5 M% [& O2 @9 @% j. |, L2 z0 _4 U( z4 `! v- D1 r
- Alberta: Since last fall, the declining Alberta economy has
* ?( X( p; _% K+ d; c' [ intensified the downdraft on the province's housing markets, causing
6 _& @# n& Y8 Q% [8 n3 q6 X home resales to drop to a 12-year low at the end of 2008 and rebound2 c0 }' l: S, }' N
only modestly since. Affordability has been on an improving track
$ \6 @9 T3 [# i0 b4 Z since about the middle of 2007.
$ A& q4 g' P/ Z( z$ L3 Z - Saskatchewan: Market activity has cooled considerably from the
8 w; f; ?- K' ] frenzied pace from 2006 to early 2008 and prices have begun to; M' B) A E$ ?( f! A1 J% }
decline. Nonetheless, economic and demographic fundamentals are still+ _: D1 n: n7 Q& d
largely supportive of the housing market and overshadow extremely
1 h1 v# y0 i8 J) p! q* \. { poor affordability levels.
- y d8 C. w1 u; k+ n) ?! C - Manitoba: Manitoba's housing markets have fared much better than the, y2 T K6 |0 x
vast majority in Canada: resale activity has slowed moderately and
: J0 e; k% ?& a j0 \# A: K prices have either held their own or edged down just slightly.
6 |4 U: a9 X/ d$ M$ D Affordability has been kept out of the danger zone, helping to
2 q" D, l, I; |3 Y minimize any downside risks.4 v. p1 T W0 h4 H
- Ontario: With the recession pounding many communities, housing market
- o$ P% V# Y+ j. P% b conditions have deteriorated considerably. However, the impact is2 f. N: ~/ d$ \' V" c
unlikely to develop into an all-out rout similar to that of the early7 d! C) r+ C8 ~
1990s. Affordability, while still causing some stress, is quickly
! d! y" A1 p$ x being restored to levels closer to long-term averages.
7 P9 o% K9 N9 P; u3 C; C$ Z% z - Quebec: The province's housing markets have been among the last in, C9 B; ` w8 ~/ d6 Q4 A9 M$ X
Canada to yield to the weakening trend. The main sign of cooling thus M5 w; V6 a6 Z8 z3 L' }
far has been a drop in resale activity, as prices have held up
4 K: @ ?& {# u1 w- I2 J& |* S reasonably well. Some of the persisting market strength can be. p# }+ D( h! G# n" [9 s
ascribed to sensible affordability levels, which had eroded only
% e z I1 g3 g) O# I. o modestly in recent years./ ~9 e* _' q0 m- M% C
- Atlantic region: Markets have largely remained stable against the
: s- h0 I# t9 q) }5 a, ] general housing downturn, with St. John's becoming the housing hot9 e* w! e K7 Y/ G0 p
spot in Canada and Halifax and Saint John maintaining steady upward* j+ o4 ^; j6 ]' q
price momentum. The region is benefiting from improving affordability3 o( B% G, m' F
following two years of deterioration.
: I* j5 x" ]6 @ r. T& l" d7 P' [2 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
