 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
+ T5 P( Q( \$ G TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the' c% ~4 j& P$ S
middle of a significant correction that is partly reversing the extensive- |* G) d" y( _' Q( i; O. p; p
gains of recent years and which is helping restore affordability conditions,. u: C2 P R) T1 K- s5 \6 U
according to the latest housing report released today by RBC Economics.+ b" Z' I+ y5 p% D" g& z+ Z5 x
"The province's housing markets remain under heavy downward pressure,"
: ^" |2 _+ i2 N2 h& X qsaid Robert Hogue, senior economist, RBC. "While housing affordability is9 v( `- k& J0 ^, G& C% |! n3 j+ _* T
improving as the correction process runs its course. RBC's affordability
3 D3 n0 U+ h& B% w7 Kmeasures for the province are still at levels far off historical averages."' l/ z& }( e3 A3 Y* Y4 J
RBC notes that the sharp rise in unemployment since last summer is
% Z; Z8 }( f' {- m; S5 A7 v2 s# Sworrying households in the province and weighing down demand for housing,
0 T1 F) [: l( x, T! i' Wwhich runs well short of available supply. Such weak market conditions have& [7 h/ P1 h$ v! d F
sustained the declining trend in prices for both existing and new homes.
5 W+ q1 ^8 }7 V) |' G% e9 b' p The RBC Affordability measure for British Columbia, which captures the% l1 m5 v9 A# t1 q( B8 E
proportion of pre-tax household income needed to service the costs of owning a
+ R/ S U' x0 U4 I2 x0 Y, J& [home, improved across all housing segments in the last quarter of 2008.
. b/ Z" g% p2 t9 A% m2 O1 X9 QAffordability of detached bungalows in the province moved to 66 per cent, the" P( w& @* O( x4 s
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and; c5 E5 a; S$ |
the standard two-story home to 73.7 per cent.
! _# B9 n$ @. ?7 I7 @ According to the report, there are signs that the B.C. housing markets! d$ D. _1 H7 ^8 j6 |
may be stabilizing as sales of existing homes appear to have bottomed out in0 h. A6 ^: ~+ E2 i, T& [; ]. b
the closing months of 2008 and the first two in 2009 - although at
( }6 X9 S3 j E1 R0 vhistorically depressed levels.4 q6 y0 D8 Z# C; H9 t
Despite sharply declining house prices and lower mortgage rates, the cost2 V" L. m1 {4 H& x
of homeownership in Vancouver is still the highest in the country. House& e0 o) i* R$ c. K0 A2 M
prices continue to rapidly decline and pricing power remains firmly in the
; w Z3 J' x- h7 Lhands of buyers with the sales-to-new listings ratio at historical lows. "This; `: b! x# C) }% T
enormous imbalance suggests that prices will likely further correct in the
1 r6 r/ L4 R9 G( p% `+ Bmonths ahead," added Hogue." i' y) N, Z3 U8 [! X
RBC's Affordability measure for a detached bungalow for Canada's largest0 W7 m9 O5 Y- H# ?5 t; A+ T
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary: S z2 @5 r6 s3 \$ G; ~
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
+ Q7 C- N9 A! F The report also looked at mortgage carrying costs relative to incomes for
) l$ G7 j( f% o# M" P9 W2 g t7 T7 ha broader sampling of cities across the country, including Victoria. For these
9 r# V7 c# D8 Z1 x! F' g% \8 {3 Scities, RBC has used a narrower measure of housing affordability that only, ?; V2 ^/ ?/ X$ J4 ]4 P
takes mortgage payments relative to income into account.0 e* o' E9 h' N/ X4 R
The Housing Affordability measure, which RBC has compiled since 1985, is
$ _ x! w' e; |6 |% Abased on the costs of owning a detached bungalow, a reasonable property
0 H- `# }* u9 \) g/ H8 ebenchmark for the housing market. Alternative housing types are also presented
1 k/ N3 C5 T& zincluding a standard two-storey home, a standard townhouse and a standard! S) l! |, \2 s0 b# S; \
condominium. The higher the reading, the more costly it is to afford a home.( j I1 ?4 h7 U/ u5 x
For example, an Affordability reading of 50 per cent means that homeownership
, p# F: S/ J# ~: H+ scosts, including mortgage payments, utilities and property taxes, take up 50
5 C' L. H) o( R9 q+ Aper cent of a typical household's monthly pre-tax income.% I3 w& m, w; h s3 {
$ J+ h& ~; t) J E8 ^" M8 C \ <<$ @% K4 a- S) v% K
Highlights from across Canada:! |/ I8 A8 I" I
8 ]9 x2 {- f( [8 r1 k$ e% j& e - Alberta: Since last fall, the declining Alberta economy has5 b# ^( R+ B9 s+ g. x
intensified the downdraft on the province's housing markets, causing
& B, X( j* p* I. @ home resales to drop to a 12-year low at the end of 2008 and rebound
- Z% V' b% V% l' d9 Q0 Z' w% _5 \ only modestly since. Affordability has been on an improving track
1 Z7 V }" B( A since about the middle of 2007.! H9 ?. Y P2 Y1 d* U6 J
- Saskatchewan: Market activity has cooled considerably from the
0 x c# h; c6 K$ y" Q8 y frenzied pace from 2006 to early 2008 and prices have begun to, ]7 ?! I' ]0 G8 e' u5 r
decline. Nonetheless, economic and demographic fundamentals are still' f: ~3 D. p, d, L0 Y: a
largely supportive of the housing market and overshadow extremely( h$ W3 N, X" A
poor affordability levels.8 _3 ]9 {2 `& T0 E, Z4 P
- Manitoba: Manitoba's housing markets have fared much better than the: u& {. w! Q" E0 C; I. f
vast majority in Canada: resale activity has slowed moderately and5 k) {# S8 P/ |" w) P; D2 Y
prices have either held their own or edged down just slightly.: u9 O: s2 J" }, o2 N0 d$ K
Affordability has been kept out of the danger zone, helping to
$ W* k9 b6 j" a" c7 R minimize any downside risks.
/ N, M, m. B5 r; @' B. t - Ontario: With the recession pounding many communities, housing market* c9 A+ d! q7 K& S% s: X
conditions have deteriorated considerably. However, the impact is
/ r4 W9 a3 ]. z& r unlikely to develop into an all-out rout similar to that of the early" P. }% w, a, W! _6 R
1990s. Affordability, while still causing some stress, is quickly2 R/ x' w8 l$ n& [; g5 Z9 U3 s; l& K
being restored to levels closer to long-term averages.& i: c( z2 {: V8 _! j- E1 F
- Quebec: The province's housing markets have been among the last in4 i5 z* L. `; g: n# G- ]0 q8 l
Canada to yield to the weakening trend. The main sign of cooling thus
# U2 }9 _' L L8 \! U( v* l far has been a drop in resale activity, as prices have held up
7 ? X* I. E- T. j, ` d0 q reasonably well. Some of the persisting market strength can be
6 D- n/ F! P8 M E" Z9 R ascribed to sensible affordability levels, which had eroded only
( j4 m( [1 n+ ^ modestly in recent years.
P1 m0 h) {7 g4 e% _ - Atlantic region: Markets have largely remained stable against the' b" L/ y) q0 W& K0 w R# s
general housing downturn, with St. John's becoming the housing hot
( R+ E# _; K9 x1 j& d8 A spot in Canada and Halifax and Saint John maintaining steady upward
/ C! ?( o" k2 z! w$ S# j. d price momentum. The region is benefiting from improving affordability; F7 h9 {1 S" V* @
following two years of deterioration.4 N$ E2 V: p, y" I* x7 r
>> |
|
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
