 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC 2 B% w$ W2 [; B$ g+ B5 j" v- R) g
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
) @. H$ o( ?! j9 i6 nmiddle of a significant correction that is partly reversing the extensive
L5 B4 L0 P% k/ |% c* Wgains of recent years and which is helping restore affordability conditions,
9 ~, O! q2 a" q9 i9 U, @$ b+ saccording to the latest housing report released today by RBC Economics.5 x) n7 |' z' |( d: n/ K( z; |6 Q: `
"The province's housing markets remain under heavy downward pressure,"
5 b0 I9 H2 |8 nsaid Robert Hogue, senior economist, RBC. "While housing affordability is4 E# q3 p7 q# _" |( M
improving as the correction process runs its course. RBC's affordability
$ ?/ p9 X( |# d+ I" [measures for the province are still at levels far off historical averages.". X/ u8 V% r9 i, x
RBC notes that the sharp rise in unemployment since last summer is% I" b; B7 @- K/ D }
worrying households in the province and weighing down demand for housing,9 M1 _0 n2 A: A7 A. D6 F7 S
which runs well short of available supply. Such weak market conditions have
/ h i+ \6 ^9 h+ x8 T# R" Nsustained the declining trend in prices for both existing and new homes.8 ?( E9 U8 F* _, g+ ^
The RBC Affordability measure for British Columbia, which captures the
$ V' h+ x- q% O5 Eproportion of pre-tax household income needed to service the costs of owning a
- N( U4 g, O* n2 x+ N" fhome, improved across all housing segments in the last quarter of 2008.( W0 _, p D" L, F9 o- R( e- F
Affordability of detached bungalows in the province moved to 66 per cent, the& \+ I' e8 j) f) k
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and+ ]% a [/ k; K' l- t
the standard two-story home to 73.7 per cent.
$ S1 `2 R" P: r* c8 t8 J0 D8 U+ L According to the report, there are signs that the B.C. housing markets* T, V0 O) v2 m+ d
may be stabilizing as sales of existing homes appear to have bottomed out in
: G1 |! V3 s( m/ d- X; J5 xthe closing months of 2008 and the first two in 2009 - although at
! J7 Y* h& ]+ u8 l- [: \0 N& zhistorically depressed levels.
! E: r5 B9 ` z F Despite sharply declining house prices and lower mortgage rates, the cost. J5 U! x( r' D) Y4 y% O
of homeownership in Vancouver is still the highest in the country. House
' D& A% j: S. s7 w9 x1 Iprices continue to rapidly decline and pricing power remains firmly in the
2 x+ K" \9 F7 d4 Y7 s. R: nhands of buyers with the sales-to-new listings ratio at historical lows. "This
% D: A, b5 g4 S5 {5 Denormous imbalance suggests that prices will likely further correct in the$ w* z8 _1 i: c
months ahead," added Hogue.; w' u! J, l c* R% ]
RBC's Affordability measure for a detached bungalow for Canada's largest
) E2 d0 k1 z- t, I( s& x* S: L! \cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary! q8 f% v$ e8 E9 E4 O: D
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
. J/ V7 B3 V& [" j0 N, E1 C The report also looked at mortgage carrying costs relative to incomes for
4 N! Z( \( t4 `3 G7 d; p# Pa broader sampling of cities across the country, including Victoria. For these! s+ }3 T: w- p( ^
cities, RBC has used a narrower measure of housing affordability that only
/ V$ r2 N% ~& E. `- etakes mortgage payments relative to income into account.! j& ~* c" ]1 d, `: j6 Q
The Housing Affordability measure, which RBC has compiled since 1985, is' |7 |( F! {0 c3 O
based on the costs of owning a detached bungalow, a reasonable property& e4 K8 e; Q4 U# E) X* ?+ |2 ^& v
benchmark for the housing market. Alternative housing types are also presented
4 v" q$ u" l, u. Sincluding a standard two-storey home, a standard townhouse and a standard
- D9 G( O$ @- t0 Fcondominium. The higher the reading, the more costly it is to afford a home.$ q9 q+ l0 r$ p5 U4 V
For example, an Affordability reading of 50 per cent means that homeownership8 [" {1 R- ~! _, R
costs, including mortgage payments, utilities and property taxes, take up 50
7 l+ e& q! Q. R; K6 |per cent of a typical household's monthly pre-tax income.+ A9 E( o6 N" O
0 ]* `0 ?9 P3 O
<<
' U$ Z+ b5 [8 r Highlights from across Canada:
. J- `" X- T+ S) h' R
# ]7 l8 [/ e. b! P! z+ f; C - Alberta: Since last fall, the declining Alberta economy has# C% S; P( H+ s
intensified the downdraft on the province's housing markets, causing! q, r3 e. M: @' n+ i$ e7 o
home resales to drop to a 12-year low at the end of 2008 and rebound3 b ^! s1 t) e, j- g& N
only modestly since. Affordability has been on an improving track
3 l3 k# g, [ o. j since about the middle of 2007.8 G* ~7 d0 j: |* t. q
- Saskatchewan: Market activity has cooled considerably from the, T: c0 S: P+ v. F
frenzied pace from 2006 to early 2008 and prices have begun to
& g5 K6 z+ N7 y8 x decline. Nonetheless, economic and demographic fundamentals are still& ?" L: h) U5 B
largely supportive of the housing market and overshadow extremely
8 }! U4 ~% U N# j. }9 {, R2 C' V4 A poor affordability levels.' D! _- ~4 {1 d- h
- Manitoba: Manitoba's housing markets have fared much better than the
/ ]* b/ ]# K: c" O4 d* \! C; [. _ vast majority in Canada: resale activity has slowed moderately and- f0 a- u: R h2 d+ G$ h
prices have either held their own or edged down just slightly.
, \. \, d8 ^! c# B( ^1 ~ Affordability has been kept out of the danger zone, helping to
; m+ f* B' R$ ~$ l8 g minimize any downside risks.
' f8 d/ K5 j, r( x# N - Ontario: With the recession pounding many communities, housing market$ P/ ]. Z0 z- w' }( a1 X8 a3 w& l
conditions have deteriorated considerably. However, the impact is
, V3 ]- c* s6 U2 I unlikely to develop into an all-out rout similar to that of the early
& X8 w8 d! o9 O+ a8 b1 n) U! k 1990s. Affordability, while still causing some stress, is quickly' V( A9 r9 e3 S
being restored to levels closer to long-term averages.
5 o7 C4 r3 d% m! M% y* t- G% P% a - Quebec: The province's housing markets have been among the last in
! f6 H6 r2 D% U5 |8 N Canada to yield to the weakening trend. The main sign of cooling thus
- ~! c+ B* j+ b6 e. @ far has been a drop in resale activity, as prices have held up
; u( E9 W, G& e; c reasonably well. Some of the persisting market strength can be7 w" ^8 p# [ m8 U# v9 Y
ascribed to sensible affordability levels, which had eroded only
, h- s4 o- u& H8 |+ V modestly in recent years.
) S5 V: ~9 i' T% b% J+ Q% \, q - Atlantic region: Markets have largely remained stable against the X! w) s2 u' p% C7 k$ Y
general housing downturn, with St. John's becoming the housing hot
5 r6 D, _ Z: {5 [1 C7 u3 P spot in Canada and Halifax and Saint John maintaining steady upward; N0 a' l5 W- ~8 B! A7 T* h Q; {! B5 m
price momentum. The region is benefiting from improving affordability% a [4 q+ c2 t
following two years of deterioration.- X9 p/ b Q# o! g* v, q! {
>> |
|
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
