 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
( V" W& s4 T8 J" z- c$ O TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the3 R/ `% X5 B" U( Q* [+ ^
middle of a significant correction that is partly reversing the extensive+ R! Y+ w3 C: j( x- U; Z
gains of recent years and which is helping restore affordability conditions,6 r$ H8 p5 e$ e7 F: B) F3 X
according to the latest housing report released today by RBC Economics.: @% W# s; `( e
"The province's housing markets remain under heavy downward pressure,"
/ S4 d$ F8 B0 p$ {' s/ z& Xsaid Robert Hogue, senior economist, RBC. "While housing affordability is
4 }- U! j1 C) j6 b1 dimproving as the correction process runs its course. RBC's affordability( S# V7 [9 t, a. t" [
measures for the province are still at levels far off historical averages."; N' I) f* q% ?& F4 ~
RBC notes that the sharp rise in unemployment since last summer is
. Y: ~+ O% d* B* Y. qworrying households in the province and weighing down demand for housing,
8 M/ I o8 [) L; `& f' Jwhich runs well short of available supply. Such weak market conditions have/ `2 g/ _; F) Y$ Y9 ?2 O' {6 ~/ I
sustained the declining trend in prices for both existing and new homes.' A' c* n2 j% P) k- S( T( W# n
The RBC Affordability measure for British Columbia, which captures the. X$ t R: i' O" c) y7 [
proportion of pre-tax household income needed to service the costs of owning a
5 O) c; K6 V7 phome, improved across all housing segments in the last quarter of 2008.
1 |' Z. y) r9 S# OAffordability of detached bungalows in the province moved to 66 per cent, the% R( Z" g* J9 Z3 @, C! ~; H
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and0 @) e* }# e U5 S$ G7 j5 t
the standard two-story home to 73.7 per cent.1 ]4 Q5 E: t9 \$ W
According to the report, there are signs that the B.C. housing markets
% V& w, l' z# u F; ^may be stabilizing as sales of existing homes appear to have bottomed out in
; V# A7 u) F- r! z2 G+ pthe closing months of 2008 and the first two in 2009 - although at% `* [' ^" g, t5 I# M; N
historically depressed levels.$ [. E% [7 k5 l% T" w
Despite sharply declining house prices and lower mortgage rates, the cost' J a, M# h0 D2 ]. m; ~" S
of homeownership in Vancouver is still the highest in the country. House
3 m7 H: [' z4 U0 B0 E I9 z3 zprices continue to rapidly decline and pricing power remains firmly in the
* _ [$ |' D" X. \* mhands of buyers with the sales-to-new listings ratio at historical lows. "This
. i8 n$ K. }4 ^& Venormous imbalance suggests that prices will likely further correct in the
3 t1 h$ [ Q" v: C7 P6 c" jmonths ahead," added Hogue.
( D" v6 \$ o9 g8 b RBC's Affordability measure for a detached bungalow for Canada's largest
' [( D8 ]: r+ @$ ^, F" s) R2 V1 mcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
, p4 V+ k; z8 S+ U8 A6 H42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.! g0 }/ Z. ]; b$ L# Y8 c: u$ x2 e
The report also looked at mortgage carrying costs relative to incomes for
. X2 [- P7 M4 Z4 Z! Q& Q A" ^a broader sampling of cities across the country, including Victoria. For these: J4 ?% ?# I2 ]* \( v- A% Y, z
cities, RBC has used a narrower measure of housing affordability that only4 X) O: T, r/ ?/ ^4 b8 h
takes mortgage payments relative to income into account.
, h6 n/ O. W$ e' C% p) ? The Housing Affordability measure, which RBC has compiled since 1985, is
" [$ x1 J* g, W& H7 d2 _2 h2 Zbased on the costs of owning a detached bungalow, a reasonable property+ ~8 s7 e. R* o9 M9 B: ?
benchmark for the housing market. Alternative housing types are also presented
" u# I8 e0 {8 N! Oincluding a standard two-storey home, a standard townhouse and a standard
/ ?* H( h5 i7 A+ m7 {2 zcondominium. The higher the reading, the more costly it is to afford a home., i8 c) J) A& B& T
For example, an Affordability reading of 50 per cent means that homeownership* F4 Q5 F, k9 c" p9 I) q
costs, including mortgage payments, utilities and property taxes, take up 50; f- V' _& ?) g
per cent of a typical household's monthly pre-tax income.% a }$ Q2 k! t2 M% F4 g
9 S+ x" D' L, b {$ _, ~: x
<<) y8 y9 d. b% @
Highlights from across Canada:
: e. l& x4 X4 M4 \7 [# Y% |* m7 X) d5 o" X/ ^
- Alberta: Since last fall, the declining Alberta economy has
1 f) W! E# C2 w4 s' F" h intensified the downdraft on the province's housing markets, causing
; b4 _" v5 c/ a1 `* Y& b5 T# M& s* W home resales to drop to a 12-year low at the end of 2008 and rebound( @1 g' w/ u4 C4 J
only modestly since. Affordability has been on an improving track) Q1 B1 m% Z( Z- H( I
since about the middle of 2007.: q0 h# n4 m0 G$ ^% x3 B8 h: P5 `! r
- Saskatchewan: Market activity has cooled considerably from the! s' r* w, F2 B1 c4 [% X' S
frenzied pace from 2006 to early 2008 and prices have begun to% ]6 L# C* F4 K' ^( O; {, W9 m
decline. Nonetheless, economic and demographic fundamentals are still. v4 u: E+ E7 k: r# ?
largely supportive of the housing market and overshadow extremely
9 X {6 f' K" F$ s poor affordability levels.& T9 s% Y* Z( o
- Manitoba: Manitoba's housing markets have fared much better than the
2 k- R0 ~) F8 D! ?2 | } vast majority in Canada: resale activity has slowed moderately and
3 b0 U i! H' g9 [% {: Q1 X prices have either held their own or edged down just slightly.
/ N: _2 W) z' ?1 e7 A Affordability has been kept out of the danger zone, helping to7 n* M' T2 H% t T
minimize any downside risks.
! p7 U; \2 D2 e( h5 Q. o - Ontario: With the recession pounding many communities, housing market
- U2 C( X @6 K0 g conditions have deteriorated considerably. However, the impact is: Q$ a; R. Q0 }" f
unlikely to develop into an all-out rout similar to that of the early
* g4 f' f' `/ a5 |/ i 1990s. Affordability, while still causing some stress, is quickly
6 x/ E, m/ i r* x1 Y4 l being restored to levels closer to long-term averages.
3 n! s, G) q$ |1 r# L3 M( J - Quebec: The province's housing markets have been among the last in
( Q. R/ ~- d+ P* H Canada to yield to the weakening trend. The main sign of cooling thus8 {1 M) a( E. \$ r2 E; d
far has been a drop in resale activity, as prices have held up
7 D) B4 D, g. U# r% L reasonably well. Some of the persisting market strength can be
* x! d/ n [7 X/ u ascribed to sensible affordability levels, which had eroded only% L- W+ v2 J7 a, b. o0 E
modestly in recent years.
7 t& D0 x8 }$ G9 D% J - Atlantic region: Markets have largely remained stable against the
- I! i- g; e1 M4 {+ r general housing downturn, with St. John's becoming the housing hot! b5 k1 F+ E1 D/ K9 C8 t
spot in Canada and Halifax and Saint John maintaining steady upward
, O6 N" q; |+ A& T, D$ a6 c4 R w price momentum. The region is benefiting from improving affordability
5 U: X% m+ A' @( B! D! `% Q$ N; J following two years of deterioration.
) N5 C& U) d& B* E9 J: j" v! w5 N >> |
|
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
