 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC . N( o" Y9 L% s9 C+ Z; C+ c" R
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
7 |" } [) ]5 b( P4 o2 Cmiddle of a significant correction that is partly reversing the extensive) D& o, v& e) l5 f7 S5 t W- e
gains of recent years and which is helping restore affordability conditions,6 w% {- h4 U/ d) X3 @
according to the latest housing report released today by RBC Economics.
f7 e1 J3 ` I "The province's housing markets remain under heavy downward pressure,"! |( z! _9 ^. [% v5 _
said Robert Hogue, senior economist, RBC. "While housing affordability is
- r. R, ]6 V+ I4 s+ Yimproving as the correction process runs its course. RBC's affordability/ Z' ]" t# T# Y+ S: v+ Y
measures for the province are still at levels far off historical averages."5 b+ n c/ y+ K5 a; }& L
RBC notes that the sharp rise in unemployment since last summer is
5 b7 P( t' G- x+ Yworrying households in the province and weighing down demand for housing,
v$ u; d; b' Y# |: l9 ^which runs well short of available supply. Such weak market conditions have+ }6 e h, n& Z/ f) w
sustained the declining trend in prices for both existing and new homes.
+ V4 A1 r4 C& E+ K/ K1 N& R/ |; C The RBC Affordability measure for British Columbia, which captures the3 C* j! }' x- _& L1 R! c/ X
proportion of pre-tax household income needed to service the costs of owning a
' ?3 c4 O1 f. g- {home, improved across all housing segments in the last quarter of 2008.
3 v: ?/ R& _3 r% NAffordability of detached bungalows in the province moved to 66 per cent, the
6 c8 n( }6 |- t6 I s7 O; }! Qstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and! w/ V0 o X2 k ?/ S8 Y _4 k
the standard two-story home to 73.7 per cent.
* y' d$ j" M' m) ?# |0 k9 P According to the report, there are signs that the B.C. housing markets
: V% S7 Y1 ^* J3 V) Z: F0 Bmay be stabilizing as sales of existing homes appear to have bottomed out in! j% Z( ]9 ]9 p( @4 j# |6 O
the closing months of 2008 and the first two in 2009 - although at' [# s3 ~6 D. x; y, y+ S5 e
historically depressed levels.% c$ ~& }/ ~9 h/ M+ e* \# s
Despite sharply declining house prices and lower mortgage rates, the cost
4 o! A! X( D a1 J+ kof homeownership in Vancouver is still the highest in the country. House
- N4 F5 N& [) Q! D. Z3 w9 rprices continue to rapidly decline and pricing power remains firmly in the4 G6 k6 F' [( P4 J9 L
hands of buyers with the sales-to-new listings ratio at historical lows. "This
* Y1 y6 o$ C" denormous imbalance suggests that prices will likely further correct in the
5 N. N# ~' m/ T$ U4 Fmonths ahead," added Hogue.
! E% N& m% [7 e9 H# `) g& d4 h RBC's Affordability measure for a detached bungalow for Canada's largest6 ~# L0 Y/ v2 A% A2 [9 ~
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary* A- j: [7 g; K
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
1 r7 D/ F* N5 d7 G9 \ The report also looked at mortgage carrying costs relative to incomes for, d8 A: U+ h. p Y
a broader sampling of cities across the country, including Victoria. For these
$ u [' [: D' Gcities, RBC has used a narrower measure of housing affordability that only
: B8 Q0 f/ H2 Wtakes mortgage payments relative to income into account.
: @4 m) r" n0 ^8 W2 Y( j/ s" ^) t The Housing Affordability measure, which RBC has compiled since 1985, is$ b* ]! L; U' \
based on the costs of owning a detached bungalow, a reasonable property
6 P; W6 k. b$ m! h( ]5 Tbenchmark for the housing market. Alternative housing types are also presented
9 }, I! c0 {" ~' R' X8 _5 x/ c" Fincluding a standard two-storey home, a standard townhouse and a standard
5 n9 E R5 c! S2 hcondominium. The higher the reading, the more costly it is to afford a home.
8 z0 L3 I: Q2 l$ R0 i- E. E0 v/ WFor example, an Affordability reading of 50 per cent means that homeownership
+ P7 K% u1 P$ F6 ?costs, including mortgage payments, utilities and property taxes, take up 500 a" J# c8 @. D2 d4 e; [
per cent of a typical household's monthly pre-tax income.- g7 _# v2 ?4 W# A
" @7 E7 p8 A9 Z* Q# Z2 S8 Q+ Z
<<
e1 i2 {) T4 |) U' i7 w Highlights from across Canada:
3 C, T: K; ^- J: n, g7 d" t
) K# }. I. d& D4 W }. O$ H - Alberta: Since last fall, the declining Alberta economy has: W+ c' C, A* n" z7 ^* B
intensified the downdraft on the province's housing markets, causing# P" I) i. K6 l, L/ a3 a' L5 a0 E
home resales to drop to a 12-year low at the end of 2008 and rebound+ q. B/ R5 e# V# j
only modestly since. Affordability has been on an improving track
% S4 j' q2 c; a( H. [ H since about the middle of 2007.
, l% y! @! Y# C" g& [ - Saskatchewan: Market activity has cooled considerably from the' {5 n- G! q: ?
frenzied pace from 2006 to early 2008 and prices have begun to3 e% x$ x M" T: w8 |
decline. Nonetheless, economic and demographic fundamentals are still7 O; e3 o5 T+ p* a( h. P
largely supportive of the housing market and overshadow extremely2 F( C; j3 L- C* [
poor affordability levels.3 W, Q3 H) v& {, G# n& g# h
- Manitoba: Manitoba's housing markets have fared much better than the; n* B/ \/ E- _
vast majority in Canada: resale activity has slowed moderately and) f9 W$ I% h% b/ g
prices have either held their own or edged down just slightly.
& h. K3 I7 `; ?! e8 f5 ?9 Z Affordability has been kept out of the danger zone, helping to
# M3 E t* q5 j W W \0 `, _# t minimize any downside risks.) S2 X! A7 Y' r6 I; D& s- V% U+ v8 ~
- Ontario: With the recession pounding many communities, housing market& B9 s1 E8 E/ }$ O \, M" [+ ]' S+ r
conditions have deteriorated considerably. However, the impact is
2 S1 e" i( b) Q" K. Z% r$ ?, b unlikely to develop into an all-out rout similar to that of the early( K4 I% S3 T0 w A1 \) P) b# i: n
1990s. Affordability, while still causing some stress, is quickly' ^0 D O, l$ ?, A& ~
being restored to levels closer to long-term averages.
( j2 ]: Z M ?9 v2 K - Quebec: The province's housing markets have been among the last in) Q9 ?( L7 X" }1 S+ m
Canada to yield to the weakening trend. The main sign of cooling thus% S. E1 t' r) B0 U: Q G
far has been a drop in resale activity, as prices have held up
- m- z3 x7 S8 T8 l. I: x reasonably well. Some of the persisting market strength can be
8 f" P( E- V8 P; u# M5 ?, ?" L2 f; l ascribed to sensible affordability levels, which had eroded only
; |9 Y1 g" u7 @; k. P/ H9 Z8 G7 E& I modestly in recent years.
4 u% u0 `' q! x3 i! w1 _ - Atlantic region: Markets have largely remained stable against the
# k; J/ r& b2 g) w' v$ L general housing downturn, with St. John's becoming the housing hot$ R( w4 ?1 i5 Q" \
spot in Canada and Halifax and Saint John maintaining steady upward5 ]% C. |$ x a0 p+ z5 f
price momentum. The region is benefiting from improving affordability
" y; u$ P! ]- ?. `$ x- B% [. D" g following two years of deterioration.
& u* b. s# o& H6 F5 \( r >> |
|
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
