 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC + `$ ]9 _2 ?# U, x( _* M( N; E! ^$ _
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the8 @( V" A7 R6 {# V$ g: B
middle of a significant correction that is partly reversing the extensive
% S- n* q, _) S+ M& O$ vgains of recent years and which is helping restore affordability conditions,
/ j4 U, m9 p/ J$ N+ o& z8 m+ Vaccording to the latest housing report released today by RBC Economics.
6 u4 n1 k. O. m; P8 s1 l$ b3 N+ Z "The province's housing markets remain under heavy downward pressure,"
. I9 E# A9 n- ?) y" Bsaid Robert Hogue, senior economist, RBC. "While housing affordability is
2 X6 \, R) B0 X- ^" D2 wimproving as the correction process runs its course. RBC's affordability
+ |' D9 n" w- k$ K$ y. imeasures for the province are still at levels far off historical averages."6 B4 \. u2 {$ g
RBC notes that the sharp rise in unemployment since last summer is
, \& d( D5 n, O' ^# G6 uworrying households in the province and weighing down demand for housing,% b# g4 F* u0 v% ?; ]
which runs well short of available supply. Such weak market conditions have
. H% \% D! G; ?# D# hsustained the declining trend in prices for both existing and new homes.! G' C. [+ a1 X" F1 m' M6 K
The RBC Affordability measure for British Columbia, which captures the
' F: h4 N* b# g: q) l, r/ Y$ g. Gproportion of pre-tax household income needed to service the costs of owning a
, Y2 [& C1 E# r9 L* a, h& w. x$ uhome, improved across all housing segments in the last quarter of 2008.
! o, B$ p; P: Y( i! \. {/ tAffordability of detached bungalows in the province moved to 66 per cent, the9 q9 f2 D* M l) K# C6 V4 ]
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
2 e5 @$ T1 @$ rthe standard two-story home to 73.7 per cent.( x* s, `! w! D. r3 S
According to the report, there are signs that the B.C. housing markets
/ C- _/ c) p% T* m/ s ]; J+ p2 a* j; ?may be stabilizing as sales of existing homes appear to have bottomed out in0 s R6 y! {- N a* j) s5 J8 K( M0 c9 ^. m
the closing months of 2008 and the first two in 2009 - although at
* F3 J+ i! o' U) g$ d1 J& Ihistorically depressed levels.; G. f5 J6 V' [7 C
Despite sharply declining house prices and lower mortgage rates, the cost4 F" i5 y" P) ~; C3 w
of homeownership in Vancouver is still the highest in the country. House
6 C9 ^2 o6 l! O6 \, u# z' n, ?7 Wprices continue to rapidly decline and pricing power remains firmly in the3 J8 r* Q8 B- x# d
hands of buyers with the sales-to-new listings ratio at historical lows. "This! Z$ b2 P9 h/ n C
enormous imbalance suggests that prices will likely further correct in the' S# q. H) s3 ?+ @ j
months ahead," added Hogue.3 j9 ?) f2 C5 @$ p. ?. @) |
RBC's Affordability measure for a detached bungalow for Canada's largest
: `- d$ ]- U. B6 f1 j& acities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
# C1 F! R1 X% I' H( m42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
- E+ j/ p$ o G/ i2 j! H) O2 ]! x8 ? The report also looked at mortgage carrying costs relative to incomes for
* O" h/ F* A q/ la broader sampling of cities across the country, including Victoria. For these# W w. L: N1 i! H h! P
cities, RBC has used a narrower measure of housing affordability that only* q; u; c7 ~3 y
takes mortgage payments relative to income into account.
: O; n3 z: W7 c/ J3 Z: Y The Housing Affordability measure, which RBC has compiled since 1985, is- G w. _+ y. ?5 {1 R3 C
based on the costs of owning a detached bungalow, a reasonable property" `; }1 F3 ~ H7 Z* I& P7 F8 z
benchmark for the housing market. Alternative housing types are also presented% e$ L2 y9 q, D, L+ @, L5 }1 ?
including a standard two-storey home, a standard townhouse and a standard
o& t+ z4 N0 j3 zcondominium. The higher the reading, the more costly it is to afford a home.$ k& }* Y3 W2 B0 v( C4 E
For example, an Affordability reading of 50 per cent means that homeownership. g: ?! J9 E8 O8 ?# L) I5 F) L8 f5 n
costs, including mortgage payments, utilities and property taxes, take up 50
0 L3 k) G3 V, k7 j; p! O: tper cent of a typical household's monthly pre-tax income.
, g1 I( `# l: r# s, l F2 M3 j9 R+ ~) L
<<
0 ^' ^0 ^0 m9 Z1 L. ?9 ^: } Highlights from across Canada:& c7 \' q" p; \; F& o
- P! r/ b& \" l; g# P: V - Alberta: Since last fall, the declining Alberta economy has0 v- F) r& B; m# e9 F: T+ @6 i; [
intensified the downdraft on the province's housing markets, causing
! { B3 }- {+ W1 e% I7 o home resales to drop to a 12-year low at the end of 2008 and rebound7 h. [. j5 x& N: _4 d
only modestly since. Affordability has been on an improving track0 y8 F7 u% @* u! T
since about the middle of 2007.
: N+ I: d. \, V1 r1 D - Saskatchewan: Market activity has cooled considerably from the
# Y0 U) C* _7 E# \0 p) W2 r/ | frenzied pace from 2006 to early 2008 and prices have begun to
& N* s4 l$ P6 A( X) i( o) [ decline. Nonetheless, economic and demographic fundamentals are still
6 ^: z, J$ r T- m2 }' G largely supportive of the housing market and overshadow extremely& y" E4 e* \( D3 B. K3 `5 Z
poor affordability levels.5 g* g6 e3 w6 u! @ S
- Manitoba: Manitoba's housing markets have fared much better than the& e4 M8 j# b% X) k, `2 y, ]
vast majority in Canada: resale activity has slowed moderately and5 v) h. r2 p" \9 S/ o J2 R& x
prices have either held their own or edged down just slightly.
) Z. B$ B6 V" J- j( e2 \ Affordability has been kept out of the danger zone, helping to% y2 q4 ~4 u; M4 X8 g" N) {& F' e5 ]
minimize any downside risks.' C( s( f9 }; t" t% A6 R
- Ontario: With the recession pounding many communities, housing market
( ?. C- a i4 o1 V conditions have deteriorated considerably. However, the impact is
7 s: Q$ ~8 F1 @# d6 U! f unlikely to develop into an all-out rout similar to that of the early: N9 @: }2 d# ]% \2 u+ Q$ s0 d/ E0 u
1990s. Affordability, while still causing some stress, is quickly
$ o2 v- b" U# U: |% ~ being restored to levels closer to long-term averages.1 \( T) T. c" }
- Quebec: The province's housing markets have been among the last in
6 J: d1 t3 \! ^ Canada to yield to the weakening trend. The main sign of cooling thus
( [* m( ?+ B) v6 G$ W far has been a drop in resale activity, as prices have held up& Y1 b& d) J8 \6 ~. Q
reasonably well. Some of the persisting market strength can be
7 O% x: `. w+ y6 E* H) r, e ascribed to sensible affordability levels, which had eroded only. H/ Z& C8 y) A3 q
modestly in recent years.
5 n- j, T5 n6 x$ [" j$ ^! @ - Atlantic region: Markets have largely remained stable against the( o2 @& y+ u& C& s( r# O7 C
general housing downturn, with St. John's becoming the housing hot4 ]# ~6 W* V5 A2 H& j
spot in Canada and Halifax and Saint John maintaining steady upward' N1 B& ^: _# @$ x+ T
price momentum. The region is benefiting from improving affordability5 \" n0 G6 Q$ f( s
following two years of deterioration.
5 X& x* r$ c9 u) Q/ U; ? >> |
|
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
