 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC ; a8 K: q3 n+ b$ u! x3 E @% a
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the7 M2 X+ Q( k' E* O
middle of a significant correction that is partly reversing the extensive! {* J! L* R+ l9 p0 J$ J2 |4 n: U
gains of recent years and which is helping restore affordability conditions,
- T# N0 R" v) a# N6 Vaccording to the latest housing report released today by RBC Economics.6 k$ H4 B: _. a! z
"The province's housing markets remain under heavy downward pressure,"% x5 g1 c6 \# F) |+ t
said Robert Hogue, senior economist, RBC. "While housing affordability is
& ]) ~9 Z) }8 |9 a8 v* `improving as the correction process runs its course. RBC's affordability9 c2 G% b7 B+ S( O: n4 b
measures for the province are still at levels far off historical averages."
: \. R0 {$ e0 k RBC notes that the sharp rise in unemployment since last summer is
- k4 R/ y! Q$ x4 Q+ f) S, v: Mworrying households in the province and weighing down demand for housing,
* h3 R8 K( E1 W, F' ^which runs well short of available supply. Such weak market conditions have
& z8 t7 B6 C% G( K1 N" T2 Msustained the declining trend in prices for both existing and new homes.
0 T0 z7 E3 V7 v- I( u3 S c The RBC Affordability measure for British Columbia, which captures the7 @: x5 l6 @1 g5 f; H6 u4 g
proportion of pre-tax household income needed to service the costs of owning a
6 a; o, A* ~. K' [+ Khome, improved across all housing segments in the last quarter of 2008.
: a4 p1 p+ T0 \* I$ wAffordability of detached bungalows in the province moved to 66 per cent, the
! u0 S2 o2 b0 k$ N# r" Z$ M& \standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
5 x4 g8 ?9 n) Lthe standard two-story home to 73.7 per cent.0 K/ s/ _+ t# S. V% L/ e/ m" [8 R
According to the report, there are signs that the B.C. housing markets8 d$ i$ d8 i" w$ R* ^1 i
may be stabilizing as sales of existing homes appear to have bottomed out in
$ h1 M) p: B- i6 P3 y4 B- L9 ^ Mthe closing months of 2008 and the first two in 2009 - although at# P% ~# I$ G( ^5 k
historically depressed levels.3 W' ?/ k- a: d: h4 |- N/ ~
Despite sharply declining house prices and lower mortgage rates, the cost2 U9 o) l7 ]- r* z) ?7 _ \
of homeownership in Vancouver is still the highest in the country. House) m) p, n" q! x/ X9 ?1 e/ Y
prices continue to rapidly decline and pricing power remains firmly in the
& z6 y0 g, q! Chands of buyers with the sales-to-new listings ratio at historical lows. "This
# i" T) ?' g, R$ x# ]. C- }enormous imbalance suggests that prices will likely further correct in the
$ z. C' t$ N; Z6 }4 G* J( gmonths ahead," added Hogue.
8 {4 L' j9 g( Z+ n2 i+ v" |6 l RBC's Affordability measure for a detached bungalow for Canada's largest6 y* J3 u1 z0 G' w9 r
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
" s( U* V0 x1 _$ L42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
5 E' ], W2 H1 k/ c The report also looked at mortgage carrying costs relative to incomes for9 n q/ |% a! e, A
a broader sampling of cities across the country, including Victoria. For these5 ~- ?1 O6 K7 i, ]
cities, RBC has used a narrower measure of housing affordability that only% ^' ~6 v- q, n$ x1 b5 b, V: ~7 r2 w
takes mortgage payments relative to income into account." G1 v% T" @* a5 I- U+ ^+ d
The Housing Affordability measure, which RBC has compiled since 1985, is
8 R4 z4 a; z* mbased on the costs of owning a detached bungalow, a reasonable property7 I5 P. ]0 g4 P0 Y( l+ r2 }# ]
benchmark for the housing market. Alternative housing types are also presented; G* @) S# a3 q+ ~, O$ K! k2 m
including a standard two-storey home, a standard townhouse and a standard8 }6 n0 B' c4 `
condominium. The higher the reading, the more costly it is to afford a home.% a& W: B& f2 Z* L
For example, an Affordability reading of 50 per cent means that homeownership
/ I7 ]* W* X' y! Y8 N. V1 C. Ccosts, including mortgage payments, utilities and property taxes, take up 50: R1 ]: K. `$ _4 F; c8 F- [4 Y2 ?1 g
per cent of a typical household's monthly pre-tax income.
# e7 W. R4 V7 L8 C1 p; T4 l( Z0 P+ J
<<" G# R/ M. F$ s& |, S! t% j$ H
Highlights from across Canada:
5 a+ p& N( w1 a* N8 b
5 @) I" w* a$ J8 o8 w4 `" C: [5 ^ - Alberta: Since last fall, the declining Alberta economy has
, w9 v& P8 `9 v( v- n intensified the downdraft on the province's housing markets, causing
+ p8 H. \; X+ W6 q5 X# m home resales to drop to a 12-year low at the end of 2008 and rebound
) ]( F; T) f) B only modestly since. Affordability has been on an improving track
6 n* I: s/ ?- u. T5 O# S; u- k `0 N since about the middle of 2007.% t+ X0 H) O( Q* o+ w" F3 n9 ~' y
- Saskatchewan: Market activity has cooled considerably from the
S7 Z# U, P; ~ a' v* d frenzied pace from 2006 to early 2008 and prices have begun to
" b& h( T# Y& j. V/ c/ b0 O decline. Nonetheless, economic and demographic fundamentals are still4 N# Q% x/ F# _( N6 ^% w! v
largely supportive of the housing market and overshadow extremely
: x1 o: q" \0 T8 a5 I* t2 l; K poor affordability levels.% m7 l7 j9 x4 h/ B
- Manitoba: Manitoba's housing markets have fared much better than the1 B8 |, p, T0 j, U( x0 X0 H% V# k
vast majority in Canada: resale activity has slowed moderately and
: J6 D: J! p% [ prices have either held their own or edged down just slightly.6 P3 A9 a! _/ R5 f
Affordability has been kept out of the danger zone, helping to p( E4 W7 W" m" Q5 `6 V+ u
minimize any downside risks.
# E$ ?2 C) W+ |: ~ - Ontario: With the recession pounding many communities, housing market
. K2 ^8 M2 L' F6 k1 y5 Q8 R0 F conditions have deteriorated considerably. However, the impact is: V* d% Q o% J7 c. t+ B
unlikely to develop into an all-out rout similar to that of the early8 q) T- ^0 J' F
1990s. Affordability, while still causing some stress, is quickly( R) S v5 s1 O/ y8 X# Q0 Z
being restored to levels closer to long-term averages.6 A0 c, _" y: Q" o$ F: J
- Quebec: The province's housing markets have been among the last in
# O$ |. ]5 X2 d: K: p9 H Canada to yield to the weakening trend. The main sign of cooling thus, L& [8 e b6 b
far has been a drop in resale activity, as prices have held up9 [6 @9 c' G% f+ D1 _+ G
reasonably well. Some of the persisting market strength can be) l( v! w$ u# U& Z6 N9 A
ascribed to sensible affordability levels, which had eroded only
2 Y% Q, d" X6 e) Q1 x2 O modestly in recent years.
' i+ ~8 q$ h' m' g; r- q, R+ y - Atlantic region: Markets have largely remained stable against the
8 h" v" x* y, e. T9 y, n2 R; d7 |. D general housing downturn, with St. John's becoming the housing hot W; }$ h5 B3 \% [5 K4 U
spot in Canada and Halifax and Saint John maintaining steady upward" m8 b( B4 Q# _( m. T4 X s
price momentum. The region is benefiting from improving affordability
8 `! l. J$ t) R* J0 { A) p! O3 n following two years of deterioration.0 I9 Y& c$ ` e; n2 _6 J
>> |
|
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
