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British Columbia's housing affordability notably improved but still has far to go, says RBC & x8 @0 [$ I7 v ~" V. A
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
+ z5 ]( L& Y% `middle of a significant correction that is partly reversing the extensive
7 c' k4 V4 r& Y4 Lgains of recent years and which is helping restore affordability conditions,6 \6 T6 @* t+ F7 j: V
according to the latest housing report released today by RBC Economics., D D2 ~% A& r+ g
"The province's housing markets remain under heavy downward pressure,", w5 L: ]# R; O; Z
said Robert Hogue, senior economist, RBC. "While housing affordability is+ ?% O5 r! P) H2 e+ f8 X! X
improving as the correction process runs its course. RBC's affordability
3 D7 j; g, Y4 R5 I. N4 u. Bmeasures for the province are still at levels far off historical averages."
4 ~, \+ ~4 T) \ RBC notes that the sharp rise in unemployment since last summer is
% n* }6 F) {4 U, n3 @" qworrying households in the province and weighing down demand for housing,
* l; i$ t1 A& ]. i6 |* swhich runs well short of available supply. Such weak market conditions have9 n! A1 A, N8 K8 P$ E5 o( D
sustained the declining trend in prices for both existing and new homes.
6 C- ?4 b8 L9 `: r. c4 |! B4 ` The RBC Affordability measure for British Columbia, which captures the. b5 s9 Q% n4 O2 s8 C
proportion of pre-tax household income needed to service the costs of owning a: }; O4 }& T3 @
home, improved across all housing segments in the last quarter of 2008." P! k7 V+ v2 b: b0 G# W9 @: W
Affordability of detached bungalows in the province moved to 66 per cent, the1 B+ s% I/ V7 q
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
+ B6 B; W& l( k+ p9 E5 mthe standard two-story home to 73.7 per cent. [, `# ~0 [$ |4 q
According to the report, there are signs that the B.C. housing markets2 s5 T& X7 O: U
may be stabilizing as sales of existing homes appear to have bottomed out in% N( N* |5 g& y7 }
the closing months of 2008 and the first two in 2009 - although at
( ~% N3 b0 B$ H; n& b& u" U. Shistorically depressed levels.( H R& C! y) s2 W
Despite sharply declining house prices and lower mortgage rates, the cost. k h M- Y; U i
of homeownership in Vancouver is still the highest in the country. House8 d( @* t/ O6 V$ C" v$ G* T0 Y5 P
prices continue to rapidly decline and pricing power remains firmly in the1 t% n0 i) a% N! `
hands of buyers with the sales-to-new listings ratio at historical lows. "This$ c2 ~% V* W# `" c, n* h$ ?# E. j
enormous imbalance suggests that prices will likely further correct in the
/ y4 N+ i4 U [months ahead," added Hogue.
1 E( r# b/ l3 q6 q: h: G, f- ^ RBC's Affordability measure for a detached bungalow for Canada's largest; ]$ B2 z+ P4 I6 N/ W/ B
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
* O0 o/ r R5 i A2 b( N9 z+ U42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
3 s( q) d6 n" e8 h The report also looked at mortgage carrying costs relative to incomes for' {. X0 [0 `! \9 f; D0 {2 h
a broader sampling of cities across the country, including Victoria. For these0 ~$ l- Z' S+ _* W! Z; A
cities, RBC has used a narrower measure of housing affordability that only
6 S' @9 g* e' a3 qtakes mortgage payments relative to income into account.
' w" h, Y5 n; d+ j3 V The Housing Affordability measure, which RBC has compiled since 1985, is
8 D" f: l9 p$ Y% k& V, Q7 i/ Ubased on the costs of owning a detached bungalow, a reasonable property% L9 A! p+ D: I: ^, h* {
benchmark for the housing market. Alternative housing types are also presented3 n/ M' m& Z; X8 Y, `* {/ E
including a standard two-storey home, a standard townhouse and a standard
1 f: Q+ C( b$ ccondominium. The higher the reading, the more costly it is to afford a home.
& D3 e( C- R H- B6 RFor example, an Affordability reading of 50 per cent means that homeownership: l$ K3 [/ X+ q$ M6 H
costs, including mortgage payments, utilities and property taxes, take up 500 F0 j/ Q! D$ ~; `' C9 j! @9 @
per cent of a typical household's monthly pre-tax income.' b* u) J5 i8 Q4 A
6 [$ g0 E; O5 b& H" }* e <<$ G+ I/ v- }/ R! H* y
Highlights from across Canada: c& N/ \ B& Y' ]# W2 O1 E* F0 R% o
9 E$ p- }6 g5 ^
- Alberta: Since last fall, the declining Alberta economy has! w. t- ~2 r B; ]+ c; M j; J) _
intensified the downdraft on the province's housing markets, causing
( d: I: O( V+ A; m' N home resales to drop to a 12-year low at the end of 2008 and rebound7 Z% d7 R' b* d/ ~8 V# w
only modestly since. Affordability has been on an improving track- c" N! ~$ G+ D5 A
since about the middle of 2007.( z1 K4 k" D7 k3 H5 c3 K
- Saskatchewan: Market activity has cooled considerably from the: w/ A1 K! C+ H% s% D
frenzied pace from 2006 to early 2008 and prices have begun to1 @3 T: D U' z
decline. Nonetheless, economic and demographic fundamentals are still
5 n+ Z, B7 z! T largely supportive of the housing market and overshadow extremely% L! Z/ Z4 f0 p! D# D
poor affordability levels.
# V6 [% T( `! D4 s9 }) W5 _1 f i" ? - Manitoba: Manitoba's housing markets have fared much better than the& @; g% M6 @, E3 d" a
vast majority in Canada: resale activity has slowed moderately and8 I8 f8 |1 h/ I* V
prices have either held their own or edged down just slightly.
; N( R+ c& _7 C Affordability has been kept out of the danger zone, helping to
w% S8 D9 l7 E, o0 t minimize any downside risks.1 g. A) H7 O5 k/ h
- Ontario: With the recession pounding many communities, housing market
6 U2 B% w- M" P5 l5 i- b conditions have deteriorated considerably. However, the impact is+ F- b7 X' g' o# b" _! N
unlikely to develop into an all-out rout similar to that of the early
( ?/ e8 e! ^, h 1990s. Affordability, while still causing some stress, is quickly/ j& _1 R D4 h; q; Z8 j
being restored to levels closer to long-term averages.
* x8 J* C# w* ^' R4 } - Quebec: The province's housing markets have been among the last in* Z$ [0 ?+ X3 s8 t; {
Canada to yield to the weakening trend. The main sign of cooling thus
2 S W, W1 Y+ ^5 {. {4 n far has been a drop in resale activity, as prices have held up5 g. B; z- \1 L% }- o
reasonably well. Some of the persisting market strength can be
# H) ?2 a* ^4 }4 O+ G ascribed to sensible affordability levels, which had eroded only8 ]- j2 Y$ u5 _; t) d0 N* G2 I
modestly in recent years.
8 w+ p( m: |; F - Atlantic region: Markets have largely remained stable against the
# \1 j" X. i7 l# U2 R! h general housing downturn, with St. John's becoming the housing hot
1 Y$ t, G. u5 Q spot in Canada and Halifax and Saint John maintaining steady upward
+ J: c% }# M, P price momentum. The region is benefiting from improving affordability$ q1 X# N7 S1 L% U; n8 m% C
following two years of deterioration.& K: m* o* N% a/ s5 a
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