 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
' D3 b9 @& J; U3 D' k TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the* e: `, ]5 V7 R" e, r" {0 a. {
middle of a significant correction that is partly reversing the extensive5 P# o% b l! h Z* z6 S2 a% h8 `4 v
gains of recent years and which is helping restore affordability conditions,
% t- m. W# @- G2 c, kaccording to the latest housing report released today by RBC Economics.
" J4 r/ s. B! I2 Z3 p8 n0 \7 l "The province's housing markets remain under heavy downward pressure,"
! u+ a. ?4 M# Jsaid Robert Hogue, senior economist, RBC. "While housing affordability is
5 ?7 x ~/ U4 L) ` zimproving as the correction process runs its course. RBC's affordability
* b$ X4 G5 W, n6 t- jmeasures for the province are still at levels far off historical averages."( ^ u4 c0 F& _' H
RBC notes that the sharp rise in unemployment since last summer is
# q% _! _- N0 S' t: W$ rworrying households in the province and weighing down demand for housing,4 t' M+ ^& c& k1 ]
which runs well short of available supply. Such weak market conditions have
?4 H( W5 |; S* P" @. tsustained the declining trend in prices for both existing and new homes.6 U8 c6 a4 h1 b, s
The RBC Affordability measure for British Columbia, which captures the
# r) b' o0 q% P2 m t y* Jproportion of pre-tax household income needed to service the costs of owning a% n7 c6 E; A# \- C/ n: f
home, improved across all housing segments in the last quarter of 2008.( [& m- g) t7 }9 E8 A6 t8 I2 f
Affordability of detached bungalows in the province moved to 66 per cent, the
8 C* @4 Q4 i" P) _ O5 d/ ]- O5 |standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and0 h7 F8 P9 u" h. j" f& ]
the standard two-story home to 73.7 per cent.0 c! ~ L& T$ P, [; g2 m$ L" @- S
According to the report, there are signs that the B.C. housing markets
- }- ^. j& N0 H& S% D% Qmay be stabilizing as sales of existing homes appear to have bottomed out in1 q% T" {8 [1 l( V* B
the closing months of 2008 and the first two in 2009 - although at6 q! P2 P# c, C% K# w0 F
historically depressed levels.
$ |4 z/ [+ q3 J( @) r5 R Despite sharply declining house prices and lower mortgage rates, the cost
3 A; m, Y( @4 J3 J1 R j2 tof homeownership in Vancouver is still the highest in the country. House8 ]- i5 J4 j7 o
prices continue to rapidly decline and pricing power remains firmly in the2 ]0 |- A5 g+ c6 ^6 b& C0 a. m
hands of buyers with the sales-to-new listings ratio at historical lows. "This
0 u1 b, b, k* z7 U9 B6 menormous imbalance suggests that prices will likely further correct in the1 u% L$ z Q8 ]2 `% v; T, P! p' V
months ahead," added Hogue.
) _4 u$ g0 K& H RBC's Affordability measure for a detached bungalow for Canada's largest
* ~+ Z9 }3 L( W: I4 f7 r; Y; acities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary% P i- `& d2 G1 ?: d, u
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
! C3 h# N" i( D( u The report also looked at mortgage carrying costs relative to incomes for
! z% A8 [. J3 R3 ^. `- ra broader sampling of cities across the country, including Victoria. For these' G( } ^% p( l
cities, RBC has used a narrower measure of housing affordability that only
4 |' T5 A! @: |& S/ j, c1 ntakes mortgage payments relative to income into account.. ?; `- [2 o) A0 T! R
The Housing Affordability measure, which RBC has compiled since 1985, is
3 Q8 T% L. d! C! y+ @2 g0 Ybased on the costs of owning a detached bungalow, a reasonable property
3 p- f& E# R! Lbenchmark for the housing market. Alternative housing types are also presented" q8 T/ V ^. Y4 ]
including a standard two-storey home, a standard townhouse and a standard2 H/ Y1 E$ t& T& p
condominium. The higher the reading, the more costly it is to afford a home.& J- y' M" s' B( w4 k
For example, an Affordability reading of 50 per cent means that homeownership
5 i6 N% K Q% R9 Y$ Y# hcosts, including mortgage payments, utilities and property taxes, take up 50
8 y6 F4 |) m# Q1 P, Nper cent of a typical household's monthly pre-tax income.3 j5 ]/ r; P3 ^! `/ U @
! E- ^$ u( R" S) h) y' U" q$ u <<) C' ^& l, B6 o' _( v$ |6 c+ s
Highlights from across Canada:
8 ~. J3 K& @! U" {7 f8 k- l
! n( Y8 B9 `9 ^4 K - Alberta: Since last fall, the declining Alberta economy has
* d: Z2 r5 C/ R; m; t5 Q4 Z( l6 w intensified the downdraft on the province's housing markets, causing+ U+ y' b+ Q0 f8 Z6 n
home resales to drop to a 12-year low at the end of 2008 and rebound) S" m* W/ Z1 e
only modestly since. Affordability has been on an improving track
' E1 M. d9 v: R since about the middle of 2007.. h `7 r( x4 m
- Saskatchewan: Market activity has cooled considerably from the
3 n, x. N2 }6 M, Y# k$ s1 } frenzied pace from 2006 to early 2008 and prices have begun to J* p; r- o: B+ |" j$ x
decline. Nonetheless, economic and demographic fundamentals are still
$ c! V6 j! x' S! \! B* L( G. M largely supportive of the housing market and overshadow extremely* B# `1 K3 k% Z0 _: y/ Q8 I8 G' A/ T }
poor affordability levels., V m/ t; @$ ~0 c( f5 e2 q
- Manitoba: Manitoba's housing markets have fared much better than the: i* }$ L. A% B' A( m
vast majority in Canada: resale activity has slowed moderately and$ Y/ y+ y1 ]0 p
prices have either held their own or edged down just slightly.
8 B( h/ A3 \ I Affordability has been kept out of the danger zone, helping to
3 g5 T' P' e" u$ I4 G minimize any downside risks.
- G( f3 A- R& S, r5 Q. ] - Ontario: With the recession pounding many communities, housing market0 m; e% [" D- ^$ m
conditions have deteriorated considerably. However, the impact is
7 R; F# l" e4 M ^" c/ j unlikely to develop into an all-out rout similar to that of the early$ w( a" q) F( ]# t" f3 j
1990s. Affordability, while still causing some stress, is quickly
1 V7 q# { e/ o% u being restored to levels closer to long-term averages." r% x6 _$ f2 j( V
- Quebec: The province's housing markets have been among the last in
$ T8 y) F- v7 U6 \. X2 G* ] Canada to yield to the weakening trend. The main sign of cooling thus
|9 V1 J2 O0 U far has been a drop in resale activity, as prices have held up
m- v$ E& u& t8 P* R- j reasonably well. Some of the persisting market strength can be+ i- a; L9 x# Y
ascribed to sensible affordability levels, which had eroded only
- e; C8 j; u5 E0 R; n: Z modestly in recent years.
3 C2 o4 H+ R3 b ^4 j5 ?) l - Atlantic region: Markets have largely remained stable against the
' ?& I2 K1 o& A# b- j9 k5 M6 d/ V0 ?; T general housing downturn, with St. John's becoming the housing hot- d) q$ m T: ` E! |/ A& R$ X/ S/ G
spot in Canada and Halifax and Saint John maintaining steady upward' F$ l! F3 x* I! p _& F* k$ o" t
price momentum. The region is benefiting from improving affordability$ b+ m8 r( c0 j; p$ \
following two years of deterioration.9 N2 K2 s5 l1 m9 {
>> |
|
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
