 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC & ?# M- v- @1 v
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
7 t1 J0 k9 F; R6 ^middle of a significant correction that is partly reversing the extensive
" b t N/ x2 i4 Q) N, L$ Sgains of recent years and which is helping restore affordability conditions," j$ h7 Z! z3 E8 f( P: H
according to the latest housing report released today by RBC Economics.0 U$ `0 X T! Z$ X7 W* ]
"The province's housing markets remain under heavy downward pressure,"
* j" f6 V' b3 g& p# Jsaid Robert Hogue, senior economist, RBC. "While housing affordability is$ V# B; C5 q7 x8 t3 m
improving as the correction process runs its course. RBC's affordability+ J" g/ m# ~9 f9 G- a2 i. y
measures for the province are still at levels far off historical averages."
! c$ a* c [" e1 y/ v2 U+ r RBC notes that the sharp rise in unemployment since last summer is. l, a( y. z# Q8 R! ]: S
worrying households in the province and weighing down demand for housing,
* H( q: b7 R; a9 |/ H3 [5 {which runs well short of available supply. Such weak market conditions have9 o8 k5 t4 |' A" F( j
sustained the declining trend in prices for both existing and new homes.1 R0 X" ~" S4 d+ F* \' W8 k" T
The RBC Affordability measure for British Columbia, which captures the
( U7 y. `, t! F' p/ vproportion of pre-tax household income needed to service the costs of owning a
' l- Z" S4 a5 c8 y+ i& q& Ahome, improved across all housing segments in the last quarter of 2008.
# g" k, U6 D7 W$ E' UAffordability of detached bungalows in the province moved to 66 per cent, the4 o/ I" Z0 g5 _5 W; ~ G, R
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and# {, S* e# Q- S% _% l c$ O
the standard two-story home to 73.7 per cent. G; w, _# {5 E5 N
According to the report, there are signs that the B.C. housing markets
' ^2 h" @2 \( j: ?7 s& Z: rmay be stabilizing as sales of existing homes appear to have bottomed out in
g2 Q" M) J* N$ v c+ xthe closing months of 2008 and the first two in 2009 - although at/ p" y& A. ]8 w. f0 w7 r! z
historically depressed levels.3 V* d+ H2 u$ l* |4 i6 u' \4 O( f/ Q1 z/ z
Despite sharply declining house prices and lower mortgage rates, the cost
9 B9 B* z2 ~# A: L: K% Z* \$ Kof homeownership in Vancouver is still the highest in the country. House' o! d( ]# D0 k! b) K2 D
prices continue to rapidly decline and pricing power remains firmly in the& m, N( D3 U* P- W7 q1 h2 f$ U
hands of buyers with the sales-to-new listings ratio at historical lows. "This& d- M# G. \' D' t X
enormous imbalance suggests that prices will likely further correct in the8 d1 |8 P& k+ A1 I/ e8 R
months ahead," added Hogue.
x+ g* Q1 ]& _8 |+ ] RBC's Affordability measure for a detached bungalow for Canada's largest7 k: n# m8 r' b# c# ]% `& @
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary: o# o+ @8 m/ ]4 \3 n3 p4 L
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.5 e& M1 u- w- `+ |& T( q, [$ b
The report also looked at mortgage carrying costs relative to incomes for& C) n3 t/ C- O2 S
a broader sampling of cities across the country, including Victoria. For these) I: |; i: v* o" T5 F. P, E! j
cities, RBC has used a narrower measure of housing affordability that only
5 Z' L+ t% U4 C* Y6 ~takes mortgage payments relative to income into account.
2 `( I) m, @/ b! s0 j# j3 m The Housing Affordability measure, which RBC has compiled since 1985, is6 m, Q9 u( o/ U! j
based on the costs of owning a detached bungalow, a reasonable property7 T" [( Y! X/ [: ]9 G
benchmark for the housing market. Alternative housing types are also presented
* l, h: P* y3 h0 Kincluding a standard two-storey home, a standard townhouse and a standard
) l5 e& V: P; u4 L2 _+ I1 Ucondominium. The higher the reading, the more costly it is to afford a home.
$ w1 G9 o. H. g' W+ }% s; U% ?For example, an Affordability reading of 50 per cent means that homeownership4 ?. R0 P, ~ n) g0 z
costs, including mortgage payments, utilities and property taxes, take up 50
j7 u( F- [3 {, G8 n- _per cent of a typical household's monthly pre-tax income.
" t6 B; O, |$ \8 z4 p- g/ v, {
; K9 G$ ]& r& C: e2 h' _( b1 a <<
; c3 M9 M Y7 Y, K& i; J% [ Highlights from across Canada:! c, T+ W2 F. _& j: H9 L& I ]
6 M' y) [7 x/ j4 N! a8 v* Y
- Alberta: Since last fall, the declining Alberta economy has. i/ @1 I }9 h! k. r5 x% P$ a/ d
intensified the downdraft on the province's housing markets, causing
# w. I4 ~" N% r. g3 l; S home resales to drop to a 12-year low at the end of 2008 and rebound
# H( t$ y5 }- Q( \. i) }: P only modestly since. Affordability has been on an improving track
$ Z. K8 z; j* j since about the middle of 2007.
7 ?: T5 U! Y- o, t) @9 X - Saskatchewan: Market activity has cooled considerably from the0 ]. ]( j. z3 e$ n0 t1 ]& e3 ]
frenzied pace from 2006 to early 2008 and prices have begun to
! T5 T @+ o( o Y' p* K decline. Nonetheless, economic and demographic fundamentals are still8 r" o2 ~/ {) `5 [ F: U& q6 b
largely supportive of the housing market and overshadow extremely
" W% z* G0 D# A+ C c poor affordability levels.2 ^" f9 _+ b4 E- Y5 M% ]* M1 J) s
- Manitoba: Manitoba's housing markets have fared much better than the
* T' f1 ?2 d8 S& D' ~ vast majority in Canada: resale activity has slowed moderately and2 V5 a# X! |& J$ y; M3 x! @0 h
prices have either held their own or edged down just slightly.
}$ w5 Y; E1 g$ X Affordability has been kept out of the danger zone, helping to( F5 i0 i6 `) H" U
minimize any downside risks., q& ]9 ], _, u( @/ T$ C
- Ontario: With the recession pounding many communities, housing market- l* G F0 ?! l8 t
conditions have deteriorated considerably. However, the impact is
% ~) |& ^: ^ u' O+ q9 H. ? unlikely to develop into an all-out rout similar to that of the early
7 q7 a' k: i$ {; r. b& w( h( @ 1990s. Affordability, while still causing some stress, is quickly
1 ]" r- }2 n) w being restored to levels closer to long-term averages.; Q: B# @; e9 b
- Quebec: The province's housing markets have been among the last in
' p$ m4 W& k% ?0 A% @ Canada to yield to the weakening trend. The main sign of cooling thus. O0 f% _! }7 c
far has been a drop in resale activity, as prices have held up
% x4 ^' G1 c4 H4 G; l$ e$ | reasonably well. Some of the persisting market strength can be
9 _; k& A! E% w. i {- Y$ X ascribed to sensible affordability levels, which had eroded only& H* ]6 b% h& n+ \; `( O. [+ R
modestly in recent years.8 f& k2 K+ y7 U2 D# u# ?
- Atlantic region: Markets have largely remained stable against the
. Z4 N9 `' s% G8 ^4 K" A3 t. N+ ` general housing downturn, with St. John's becoming the housing hot
# ^% f/ K) n5 x% v$ ? spot in Canada and Halifax and Saint John maintaining steady upward
V' P' b( B' U4 H8 i price momentum. The region is benefiting from improving affordability
) t6 Y7 h: |3 t1 z% M4 O following two years of deterioration.5 j' m% z. } H" _7 h s; y a
>> |
|
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
