 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC * k! j! _+ l1 X
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
% a/ u. O$ z/ S8 B: h! j5 X# p# jmiddle of a significant correction that is partly reversing the extensive
( S, Q7 P% B& q* Q8 q0 Ngains of recent years and which is helping restore affordability conditions,! g) r; O) c) d+ {
according to the latest housing report released today by RBC Economics. I. ]+ J) }% c; H- c! P: N; H5 R
"The province's housing markets remain under heavy downward pressure,"
6 U" A. t: q' e/ i8 M7 o/ J! Y Tsaid Robert Hogue, senior economist, RBC. "While housing affordability is- [# l5 f* ~9 M5 @; [% x, a+ ]" K9 i
improving as the correction process runs its course. RBC's affordability
; F( V9 `6 v2 B( `9 M, }$ Emeasures for the province are still at levels far off historical averages."
) n( W& N5 g7 q$ ^ RBC notes that the sharp rise in unemployment since last summer is% b2 ]+ p0 S- ^' s- O' Y# ]% h
worrying households in the province and weighing down demand for housing,! U5 U5 L1 C8 _& M6 U, V7 r5 d1 d
which runs well short of available supply. Such weak market conditions have1 X/ t! X2 P/ \" ?( ^
sustained the declining trend in prices for both existing and new homes.
v- j" ?! u* {& I- c6 b, i The RBC Affordability measure for British Columbia, which captures the
; {$ ^6 U# A, ]; h, Yproportion of pre-tax household income needed to service the costs of owning a* C' l9 Y7 ?+ V* ^% y' A4 ^
home, improved across all housing segments in the last quarter of 2008.9 x7 J" [& s5 |4 @4 i2 O& |( P
Affordability of detached bungalows in the province moved to 66 per cent, the' e2 c5 P% F4 q0 n7 r
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
' |9 p# T, q8 G7 ^1 }the standard two-story home to 73.7 per cent.
$ h- O/ z# A& d( k According to the report, there are signs that the B.C. housing markets* L$ \1 E" C: [' ]
may be stabilizing as sales of existing homes appear to have bottomed out in
9 v% [7 S: y+ n& @$ x4 h1 ]: Xthe closing months of 2008 and the first two in 2009 - although at
* N( r, t0 R+ I* J7 R& thistorically depressed levels.
% N5 p& Y# B( u! P7 F! n Despite sharply declining house prices and lower mortgage rates, the cost
" f' z) X2 K0 i+ e' lof homeownership in Vancouver is still the highest in the country. House
3 w8 e$ C3 S% h% tprices continue to rapidly decline and pricing power remains firmly in the
% a3 M4 D- J$ E: z% Q; o2 Zhands of buyers with the sales-to-new listings ratio at historical lows. "This2 p7 c% k3 T7 l( T3 E0 k3 d, p7 q
enormous imbalance suggests that prices will likely further correct in the6 X6 J$ \" s; S$ J( z
months ahead," added Hogue.5 c# Y* [$ u5 q) R! f" ~% C& m
RBC's Affordability measure for a detached bungalow for Canada's largest
. [) L, p6 @# h, `9 Q: |cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
2 I% t/ h2 H ?/ t6 o0 C& D42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.7 {1 E1 P' M8 Q+ G
The report also looked at mortgage carrying costs relative to incomes for. Y7 W! u3 z- J2 N" H9 E. g
a broader sampling of cities across the country, including Victoria. For these7 U* L! r6 B5 P4 I9 f# Q
cities, RBC has used a narrower measure of housing affordability that only$ w" z F& P6 Q5 ?9 j& V
takes mortgage payments relative to income into account.
$ t7 m$ J6 _; ? The Housing Affordability measure, which RBC has compiled since 1985, is
% b. M7 S, ^9 k( j' F1 mbased on the costs of owning a detached bungalow, a reasonable property' d, M/ [3 x( K# a- ?
benchmark for the housing market. Alternative housing types are also presented
6 U/ K4 V6 M6 \) W! t B: bincluding a standard two-storey home, a standard townhouse and a standard
/ h M2 n; ]8 S. Gcondominium. The higher the reading, the more costly it is to afford a home.& U2 b% r+ _& n5 f1 S
For example, an Affordability reading of 50 per cent means that homeownership
& p/ z. D1 `$ K6 Ecosts, including mortgage payments, utilities and property taxes, take up 50, t' D4 `, u3 {+ }+ i
per cent of a typical household's monthly pre-tax income.
$ r$ n* \5 U" ^2 t; [5 J
) N) [7 V4 W9 n1 M' e << r3 _4 q* g) I& t& h1 p7 X" y/ m
Highlights from across Canada:
5 z. {& }6 b! T8 k6 g3 F/ o2 g
- Alberta: Since last fall, the declining Alberta economy has
) j! S' n7 X7 k5 S( ? intensified the downdraft on the province's housing markets, causing
7 C4 _5 r: B7 X5 M; p home resales to drop to a 12-year low at the end of 2008 and rebound4 I9 v" ]" S" \2 S7 D, ]
only modestly since. Affordability has been on an improving track
0 ^3 e% H8 h% I0 ]) G since about the middle of 2007.+ w( q% j! C+ N/ B5 E O& R
- Saskatchewan: Market activity has cooled considerably from the$ P; {* R2 v0 C) a0 e
frenzied pace from 2006 to early 2008 and prices have begun to
/ b5 o9 Z: M) V$ G) y: u9 C3 {/ I- o decline. Nonetheless, economic and demographic fundamentals are still
9 N& @0 S$ ~0 H- l1 f6 w largely supportive of the housing market and overshadow extremely
+ m* k2 h1 K" n, P. g! d7 _0 p, F poor affordability levels.
% ?; A3 ], m9 ]/ X S - Manitoba: Manitoba's housing markets have fared much better than the4 b* |4 X% z3 h- ~3 U9 U# T% X
vast majority in Canada: resale activity has slowed moderately and
4 U5 `% m- S$ A prices have either held their own or edged down just slightly.
; k2 Z' r- f* l# N Affordability has been kept out of the danger zone, helping to+ f# M3 D% B" Z' Z
minimize any downside risks.4 |: U. b; k8 h
- Ontario: With the recession pounding many communities, housing market7 {2 j, f* W4 C4 x
conditions have deteriorated considerably. However, the impact is# N$ m; ~* r! k% V( l% m$ ?
unlikely to develop into an all-out rout similar to that of the early! A. f, T0 a" J) m' R$ I, Q2 m
1990s. Affordability, while still causing some stress, is quickly
* P- x; ^1 N, J! b3 t+ | being restored to levels closer to long-term averages., n* z+ M. M8 W2 r# P) u( c
- Quebec: The province's housing markets have been among the last in/ c' l- G' m0 @4 p4 s+ ?; Y
Canada to yield to the weakening trend. The main sign of cooling thus
9 V. |- R# ]* z1 w far has been a drop in resale activity, as prices have held up# J$ x8 Z9 E/ q2 d; C" }/ Q
reasonably well. Some of the persisting market strength can be
9 }+ c7 e D0 Q0 k( u ascribed to sensible affordability levels, which had eroded only J( j: n$ p Y. l3 O
modestly in recent years.
; l& d: J( t B. a' C3 J - Atlantic region: Markets have largely remained stable against the
3 G7 h+ p: i$ S- |. v8 A: G; E1 j general housing downturn, with St. John's becoming the housing hot
* W0 f/ p$ ^7 P u9 i spot in Canada and Halifax and Saint John maintaining steady upward* }+ d8 [6 U" J: {' \/ {
price momentum. The region is benefiting from improving affordability
; \5 C6 N5 Q7 ~. ], m following two years of deterioration.
. l# p1 j" b' a, z3 P >> |
|
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
