 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
3 ?9 w2 n+ w0 N% W( ^7 r7 ] TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the- A: R) i, z/ s% Z- x7 n
middle of a significant correction that is partly reversing the extensive
: p1 j# O) |0 F9 J2 O* pgains of recent years and which is helping restore affordability conditions,
, ^. R4 F, b- S* paccording to the latest housing report released today by RBC Economics.
! L& q& L+ v4 f e0 |: ^* ` "The province's housing markets remain under heavy downward pressure,"
) J- u0 c+ b* [' m5 _" G: xsaid Robert Hogue, senior economist, RBC. "While housing affordability is
4 V& o' U2 @3 ]6 ?" A$ O0 Nimproving as the correction process runs its course. RBC's affordability4 `- j5 F% ~! d3 \% |1 x& K
measures for the province are still at levels far off historical averages.": P- g# G' w8 y1 j" b* f
RBC notes that the sharp rise in unemployment since last summer is; p9 ?) D1 k- q0 m' h# U! p
worrying households in the province and weighing down demand for housing,* s# m2 H- Y/ h0 {
which runs well short of available supply. Such weak market conditions have& ~) `6 v3 j* m o
sustained the declining trend in prices for both existing and new homes.
1 s0 D7 s9 C0 ? The RBC Affordability measure for British Columbia, which captures the
! W2 k0 b7 S5 O* X: E8 J% _proportion of pre-tax household income needed to service the costs of owning a B# ?- Q5 E5 C# u& a
home, improved across all housing segments in the last quarter of 2008.
6 g2 R2 G2 O5 CAffordability of detached bungalows in the province moved to 66 per cent, the
, j8 g0 ]2 H; Y' T4 z7 Tstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and' p+ N" P8 O) b3 o$ A
the standard two-story home to 73.7 per cent.
; X& E. w. @1 ?( \& T2 a According to the report, there are signs that the B.C. housing markets
4 E6 q4 C2 \. c) [may be stabilizing as sales of existing homes appear to have bottomed out in
1 w2 F- k# p3 ?the closing months of 2008 and the first two in 2009 - although at i5 \& b+ u4 s5 z
historically depressed levels.5 ~! p# A: P3 j( ^0 c" m$ Q
Despite sharply declining house prices and lower mortgage rates, the cost4 {. w+ }6 j$ c7 a& m# Q: Y% L
of homeownership in Vancouver is still the highest in the country. House
8 k' n9 G9 b/ s1 }& sprices continue to rapidly decline and pricing power remains firmly in the6 B8 o# P# W4 Q. ~/ X5 T3 g$ y, i
hands of buyers with the sales-to-new listings ratio at historical lows. "This
9 S6 F U2 k- O7 k" f5 U# E" Ienormous imbalance suggests that prices will likely further correct in the
) s3 K" @7 k7 emonths ahead," added Hogue., @% f" `0 x4 t) ~8 Z4 [- J* f
RBC's Affordability measure for a detached bungalow for Canada's largest
, E* h: X y! lcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary$ R* z* G' o- l8 q: B. M: H$ I
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.- n! N# Y6 ~; N: D9 V$ _" y
The report also looked at mortgage carrying costs relative to incomes for
8 P" K$ S% C' P- W7 pa broader sampling of cities across the country, including Victoria. For these# O6 i- \5 T1 C2 x
cities, RBC has used a narrower measure of housing affordability that only' u6 U& n+ q5 H& J Q: V
takes mortgage payments relative to income into account.4 ~% M5 c d6 L9 p5 ^: J% c& A Z: D
The Housing Affordability measure, which RBC has compiled since 1985, is7 r. p0 ?, ^; _- o
based on the costs of owning a detached bungalow, a reasonable property( u4 {: ^7 G9 x$ y% e! ?
benchmark for the housing market. Alternative housing types are also presented- M9 k& G! Z% E: ?6 y% S: ]
including a standard two-storey home, a standard townhouse and a standard
: \6 B. v) }4 F( d, h, ]! C: n3 Zcondominium. The higher the reading, the more costly it is to afford a home.7 }" M: q: M4 i1 Z" ^
For example, an Affordability reading of 50 per cent means that homeownership
J" q* \5 s4 E1 G N% Ccosts, including mortgage payments, utilities and property taxes, take up 50; C8 e8 v( U2 _- ?
per cent of a typical household's monthly pre-tax income.
) h, o# L# z& r1 H- x: x D
9 H( S1 V% [+ Q2 N" D9 ]' B2 U5 d3 D5 } <<
9 i9 b: C5 w' W S Highlights from across Canada:
8 F: ?& P, u* L+ n* D) m3 n
4 G4 ~7 [4 [% W9 X8 u- ^1 h3 P, U - Alberta: Since last fall, the declining Alberta economy has
$ X+ B' F8 ?+ w7 y* X& d8 O7 | intensified the downdraft on the province's housing markets, causing
. P1 P0 {6 P8 N home resales to drop to a 12-year low at the end of 2008 and rebound1 m5 e8 C, h5 q0 }
only modestly since. Affordability has been on an improving track/ ^ e7 R: }' y! q* ?8 x
since about the middle of 2007.0 v3 h1 o! C: C5 @7 z
- Saskatchewan: Market activity has cooled considerably from the
2 E1 O" g0 \' }4 T4 V# y1 K frenzied pace from 2006 to early 2008 and prices have begun to4 I9 U! R* b+ N0 E
decline. Nonetheless, economic and demographic fundamentals are still+ S. O( ~4 g- N
largely supportive of the housing market and overshadow extremely
& D: D0 x B* J: \ poor affordability levels.* t, L0 s2 j0 N
- Manitoba: Manitoba's housing markets have fared much better than the
0 A) `( A Z3 V6 ~ vast majority in Canada: resale activity has slowed moderately and1 j$ o; J3 L% s3 B: ^
prices have either held their own or edged down just slightly.
* d! X) _& x$ l4 M9 V Affordability has been kept out of the danger zone, helping to
4 w) p0 U; U2 b; m& d1 J) p/ M5 x minimize any downside risks.% _9 \) r. s1 y
- Ontario: With the recession pounding many communities, housing market
9 L' D% s5 i- H conditions have deteriorated considerably. However, the impact is7 M* ]1 ?8 d k: }- u# b+ J3 u) J
unlikely to develop into an all-out rout similar to that of the early
' [% y% \4 Q$ ]" L9 _( O, W! O 1990s. Affordability, while still causing some stress, is quickly6 |2 ^+ I4 G, @ y
being restored to levels closer to long-term averages., Q# s* [) x+ ^
- Quebec: The province's housing markets have been among the last in
" N2 Q9 y4 G) M' E Canada to yield to the weakening trend. The main sign of cooling thus
, O* \# b& A, s2 N2 | far has been a drop in resale activity, as prices have held up, G6 s ^! c! f/ J) S, Z
reasonably well. Some of the persisting market strength can be6 I2 @! J- f0 Z+ a
ascribed to sensible affordability levels, which had eroded only# |8 E/ A* ?; m @' I
modestly in recent years.
+ q9 O/ B4 D7 Y+ g$ W; |% G5 Y - Atlantic region: Markets have largely remained stable against the6 S; s2 a% g6 N6 r( T: G( L9 Y
general housing downturn, with St. John's becoming the housing hot5 r% e3 T9 B& O
spot in Canada and Halifax and Saint John maintaining steady upward; ]- z3 a/ M# O2 ]: F7 T U; x
price momentum. The region is benefiting from improving affordability
5 Q8 A5 A Y, |% \/ l following two years of deterioration.
7 y9 J" P8 B9 ^9 m: h >> |
|
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
