 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC / d: w8 d" h9 W2 B/ I* E
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
! m% B; q6 I8 R3 |; Nmiddle of a significant correction that is partly reversing the extensive
4 w( I9 ~6 A4 j5 B8 _# wgains of recent years and which is helping restore affordability conditions,
- ?/ F& W3 J% r3 zaccording to the latest housing report released today by RBC Economics.
8 h& @3 s" g% @" A7 g "The province's housing markets remain under heavy downward pressure,"" @2 k+ Y, B6 n% U B
said Robert Hogue, senior economist, RBC. "While housing affordability is
% X0 c0 k" }9 N ?$ zimproving as the correction process runs its course. RBC's affordability
' K+ Y" c- D2 I- o" P/ }measures for the province are still at levels far off historical averages."
/ M4 d* b2 X& P, M( s+ V* X RBC notes that the sharp rise in unemployment since last summer is6 ]+ Q. i5 J2 _
worrying households in the province and weighing down demand for housing,% Z6 C4 a/ x- g0 W) o
which runs well short of available supply. Such weak market conditions have3 k+ h0 d7 W9 K, H
sustained the declining trend in prices for both existing and new homes.
9 g; i D+ @' m8 l* W- J The RBC Affordability measure for British Columbia, which captures the
$ b( ^: E ~6 _6 I. Aproportion of pre-tax household income needed to service the costs of owning a
4 T- T3 _* G \5 t/ x: Q0 jhome, improved across all housing segments in the last quarter of 2008., s, s; x+ p& ^) N7 F
Affordability of detached bungalows in the province moved to 66 per cent, the0 D1 A9 }# d, `$ x& ~
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and4 C q& T3 x* D5 d) ?/ A
the standard two-story home to 73.7 per cent.5 G' D. x. U4 [, Y
According to the report, there are signs that the B.C. housing markets
" l/ q; k/ a5 u: m; n, l( r1 K& f5 `4 L$ ^may be stabilizing as sales of existing homes appear to have bottomed out in" f9 k4 _& L% x$ o# S2 k( e4 A
the closing months of 2008 and the first two in 2009 - although at: Q4 i8 E& R7 u N% a$ K7 t% U
historically depressed levels.
) O5 U) y Z2 w7 y Despite sharply declining house prices and lower mortgage rates, the cost
# |3 X3 Z! Q ~of homeownership in Vancouver is still the highest in the country. House9 e1 k0 p' Z3 n3 U! Y% r4 c
prices continue to rapidly decline and pricing power remains firmly in the
. w- Q* t$ J6 f" f8 @* }hands of buyers with the sales-to-new listings ratio at historical lows. "This
& Q$ W0 j3 ]6 O8 N/ Henormous imbalance suggests that prices will likely further correct in the" Q. a \+ K% i5 G6 D$ D. f
months ahead," added Hogue.# r. u* g; m; p6 B+ w' ?
RBC's Affordability measure for a detached bungalow for Canada's largest5 S6 w1 E* w) ] c5 Y* ^+ a, J
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary/ A' D7 \$ r/ D8 U4 }5 v/ G
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
) a K3 a" I, c. Q( N' |/ v# p The report also looked at mortgage carrying costs relative to incomes for7 ?- W2 V3 k) J4 Y/ A9 ~0 z
a broader sampling of cities across the country, including Victoria. For these0 M0 b$ Q a7 E% `/ S1 C8 r
cities, RBC has used a narrower measure of housing affordability that only, O) B" P/ K9 _/ ^4 N' w
takes mortgage payments relative to income into account.7 \0 L$ w$ \& _: q+ Q1 k% z. ?
The Housing Affordability measure, which RBC has compiled since 1985, is
" x7 i4 x6 a$ x1 e' E0 lbased on the costs of owning a detached bungalow, a reasonable property
& S- u! \9 g+ ~& a1 j, v! o$ cbenchmark for the housing market. Alternative housing types are also presented7 q! }, @2 m; X
including a standard two-storey home, a standard townhouse and a standard; b0 p: x7 L3 N2 b F% U- a3 u
condominium. The higher the reading, the more costly it is to afford a home.
) w9 F7 P y1 K) `5 m; X# d& `For example, an Affordability reading of 50 per cent means that homeownership
, x$ c; K+ P; q3 S: k$ c% Dcosts, including mortgage payments, utilities and property taxes, take up 50: k7 y9 `1 Y" ~ ~% w( Y
per cent of a typical household's monthly pre-tax income.# y* N5 s% x3 \% y$ y9 }0 X
3 \1 \$ O: }0 J5 Q* v C
<<
; C# I1 ` {; `& [% q# s7 l Highlights from across Canada:& D( y$ R- Q8 f& s# a
2 q) i' K5 I5 V% E2 X
- Alberta: Since last fall, the declining Alberta economy has
3 c" G4 V. G4 s) h8 e3 e& L# F- g1 O4 \ intensified the downdraft on the province's housing markets, causing
8 K6 e1 S, S1 L, x home resales to drop to a 12-year low at the end of 2008 and rebound
/ {: s/ z P# q* D, m only modestly since. Affordability has been on an improving track/ y0 H, g, n/ b
since about the middle of 2007.3 n* k# O. `1 @! S6 z- ?1 J9 i# K
- Saskatchewan: Market activity has cooled considerably from the+ g/ ]+ ^0 u- C6 H9 ^" H
frenzied pace from 2006 to early 2008 and prices have begun to) K2 R' A+ D9 @( {) Q4 x
decline. Nonetheless, economic and demographic fundamentals are still
* u' e; v1 o* y5 M( s largely supportive of the housing market and overshadow extremely
0 d$ p" T; ^- S5 F) j; A3 I poor affordability levels.1 M2 p& k+ f3 c6 \1 S
- Manitoba: Manitoba's housing markets have fared much better than the
; \* @# @1 w+ ~) A" b, U4 O vast majority in Canada: resale activity has slowed moderately and1 v- C4 N: [# q( N" V
prices have either held their own or edged down just slightly.
1 p+ m3 Z4 u/ V: N p7 n0 z+ q Affordability has been kept out of the danger zone, helping to
. T3 j# k9 h6 j, X R minimize any downside risks.
9 d# ?% f* k% ?/ r" Y - Ontario: With the recession pounding many communities, housing market4 @5 j7 D& ]9 O' C2 e7 g* C
conditions have deteriorated considerably. However, the impact is! d1 j/ [4 t( X# _' C/ X
unlikely to develop into an all-out rout similar to that of the early! p Q8 s$ d8 |2 ^$ Y0 B
1990s. Affordability, while still causing some stress, is quickly
8 [. q L, V- [6 t being restored to levels closer to long-term averages.. {3 \6 U1 t1 i( D5 U. d
- Quebec: The province's housing markets have been among the last in
& `- @; b- k' |: } Canada to yield to the weakening trend. The main sign of cooling thus6 c% G: v7 F- L2 m" {
far has been a drop in resale activity, as prices have held up3 l) S v- \4 z8 Q" f
reasonably well. Some of the persisting market strength can be" s3 ~/ {* v! [5 }0 @$ Q! s6 U' P
ascribed to sensible affordability levels, which had eroded only$ y4 W- b w3 X! V9 Q9 Q7 Q1 o2 ~
modestly in recent years.- N/ G$ i- A$ X* c$ W) s. m, N
- Atlantic region: Markets have largely remained stable against the
- h8 Y/ B8 g3 N9 Q6 W; Z( w: v general housing downturn, with St. John's becoming the housing hot K; l2 f/ O- |4 a+ w9 Z. ^. |
spot in Canada and Halifax and Saint John maintaining steady upward
' x0 _( i1 a4 f8 [% P. I2 | price momentum. The region is benefiting from improving affordability
3 W- H0 k% d3 L/ | following two years of deterioration.3 T4 a# t/ _1 _$ t5 ]4 W
>> |
|
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
