 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
3 i, b/ H+ q% t4 j) Q TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
( [& d Q) ?9 v- smiddle of a significant correction that is partly reversing the extensive
* b9 @/ L! }6 Fgains of recent years and which is helping restore affordability conditions,
. x6 Z- u2 V7 a) J7 a" q) Jaccording to the latest housing report released today by RBC Economics.1 E2 \+ b& c3 i2 Q
"The province's housing markets remain under heavy downward pressure," U/ q3 ]( c+ H' Q
said Robert Hogue, senior economist, RBC. "While housing affordability is
0 I9 Z' u2 J' T1 iimproving as the correction process runs its course. RBC's affordability! d/ c4 y0 C, D
measures for the province are still at levels far off historical averages."
6 W7 A9 o, x# ~* } RBC notes that the sharp rise in unemployment since last summer is1 T [1 @" Y, J/ ~) L* s. v8 H) q2 _3 y
worrying households in the province and weighing down demand for housing,
& O6 M* K& p! ~& Owhich runs well short of available supply. Such weak market conditions have( d# k2 t3 m. j3 G! [* e
sustained the declining trend in prices for both existing and new homes.
. [7 C. y$ `- B/ u$ W3 m; V' J The RBC Affordability measure for British Columbia, which captures the
% |; B1 S8 [5 m/ I, }* qproportion of pre-tax household income needed to service the costs of owning a
2 A* v( v" c+ A" }. k, {6 T# V# J3 ?home, improved across all housing segments in the last quarter of 2008.
! ?! i2 O. r" NAffordability of detached bungalows in the province moved to 66 per cent, the. f2 |7 m- d" q2 i" m9 U5 _! Y+ L
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and' w/ A. y* `% G* ^
the standard two-story home to 73.7 per cent., w0 Q( G) ^7 A* V
According to the report, there are signs that the B.C. housing markets# Q7 ~5 x$ S* L: f; R! [
may be stabilizing as sales of existing homes appear to have bottomed out in8 L- ^$ b8 o0 Z b+ g8 g
the closing months of 2008 and the first two in 2009 - although at
( H9 R& e& Q& P0 Q5 I+ } Z" v8 shistorically depressed levels.
; _3 ?) W; U* B6 U" g Despite sharply declining house prices and lower mortgage rates, the cost
5 ^ r$ l( T% ?of homeownership in Vancouver is still the highest in the country. House
. M$ k- \+ |/ H) Wprices continue to rapidly decline and pricing power remains firmly in the. _+ M6 q7 v# [! S$ y/ T% H- s D
hands of buyers with the sales-to-new listings ratio at historical lows. "This
2 P* I* I( \( N+ T. _enormous imbalance suggests that prices will likely further correct in the+ C, {3 Q' U4 \- L6 x
months ahead," added Hogue.4 ?( ]9 a2 R# W# r# L. K
RBC's Affordability measure for a detached bungalow for Canada's largest% j1 T, v$ m# }) F! x
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
$ L1 D* p4 L' m& e" \1 t42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.& G+ [8 `& k& r0 A% f0 V- ~
The report also looked at mortgage carrying costs relative to incomes for7 O- [) A1 f8 d
a broader sampling of cities across the country, including Victoria. For these9 d6 B1 E# P6 A/ b3 ?
cities, RBC has used a narrower measure of housing affordability that only; |0 h# F, S% P
takes mortgage payments relative to income into account./ B- {3 J5 b" [6 N3 s
The Housing Affordability measure, which RBC has compiled since 1985, is+ f* p9 S7 u2 @* o' |( j. Z
based on the costs of owning a detached bungalow, a reasonable property
4 X# F3 e, | w) C% e+ N: sbenchmark for the housing market. Alternative housing types are also presented) w) E* O, ^2 }8 C1 O% S3 ]9 t+ b+ | W
including a standard two-storey home, a standard townhouse and a standard5 Z7 i7 T/ B" }* i4 f" [, V
condominium. The higher the reading, the more costly it is to afford a home.
% L; }: C8 \3 u+ D' F1 K4 ^! |3 yFor example, an Affordability reading of 50 per cent means that homeownership
; C0 c9 V* c* J! ?# s1 T! n: b: Lcosts, including mortgage payments, utilities and property taxes, take up 50. A. o9 A1 g5 R4 R3 ^! f
per cent of a typical household's monthly pre-tax income.
5 A" N- i3 q( l' j
# E9 A0 {; v* m) T+ P _. A <<, g0 \7 G; x- L
Highlights from across Canada:
$ @6 Q' h. L* A- L" v8 v& W3 \6 Y' a/ @8 p; ^& B: b+ y# T
- Alberta: Since last fall, the declining Alberta economy has
9 ?2 S1 j6 P9 a9 S Z/ |& _ intensified the downdraft on the province's housing markets, causing; k8 i# d1 D/ w* [& b. h
home resales to drop to a 12-year low at the end of 2008 and rebound: ?: d: f) \6 \8 h6 E- n( @5 N* k
only modestly since. Affordability has been on an improving track
3 g& V6 t0 R- S3 d) J( W7 C since about the middle of 2007.
6 Q( P1 ?! `* T5 y2 R# j3 L - Saskatchewan: Market activity has cooled considerably from the
9 R/ P( U& H a' w9 I& e* Q' R frenzied pace from 2006 to early 2008 and prices have begun to$ K5 Z8 E# [. X& M7 l, v4 U, ]
decline. Nonetheless, economic and demographic fundamentals are still' o3 C* M% P7 u6 F* y0 @
largely supportive of the housing market and overshadow extremely
4 s& p2 m1 ~4 l, T/ c$ c+ ]( b poor affordability levels.! w5 d+ @3 d/ v$ o% u
- Manitoba: Manitoba's housing markets have fared much better than the9 D# @' ]% I' Z7 k( P7 }) Y
vast majority in Canada: resale activity has slowed moderately and
2 t* r" t, _! l8 |. c7 f2 D) g2 @ prices have either held their own or edged down just slightly.' Y, _8 ~' C2 T# x1 J8 I
Affordability has been kept out of the danger zone, helping to- C- |6 \: h! b8 M
minimize any downside risks.
& C- \* u8 U9 w- Y4 p5 i" E - Ontario: With the recession pounding many communities, housing market
3 B/ ^) W# X4 ~- A+ r9 B/ Z: \ conditions have deteriorated considerably. However, the impact is) O' T' }/ Y9 n4 X7 h- {2 a
unlikely to develop into an all-out rout similar to that of the early
; E2 x+ o& X& V u D$ `" K2 Q: V* g' m 1990s. Affordability, while still causing some stress, is quickly
4 Z+ D' k" j/ d: u! P being restored to levels closer to long-term averages.: E% J) D+ s5 P' q* ^
- Quebec: The province's housing markets have been among the last in+ I" i' O* e H k" G0 B
Canada to yield to the weakening trend. The main sign of cooling thus
" f! X( z9 S9 Y4 J z4 ^ far has been a drop in resale activity, as prices have held up
, {3 A; V( a% g% f' a reasonably well. Some of the persisting market strength can be. b* ]8 \8 Q0 A! M3 u7 m
ascribed to sensible affordability levels, which had eroded only/ Q* L& [. t& N( \2 E3 M! n/ u7 U
modestly in recent years.
- j% X) m$ P4 O, N - Atlantic region: Markets have largely remained stable against the. G3 X% ^2 h7 D- X' {* F$ n- Z
general housing downturn, with St. John's becoming the housing hot9 |* Z+ k x3 X5 g/ G
spot in Canada and Halifax and Saint John maintaining steady upward3 h: l9 c% c9 l# n
price momentum. The region is benefiting from improving affordability5 i s1 [4 W6 }! [: }+ i
following two years of deterioration.! K. M. d! D8 v, N; Z' \7 ]
>> |
|
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
