 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC l4 Z1 s( g8 F- x1 B0 g: j1 }, D' G- a3 T
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the# w8 Z" K5 A# @, F
middle of a significant correction that is partly reversing the extensive
( ^$ t5 k; Z/ G4 ]gains of recent years and which is helping restore affordability conditions," k3 w$ \. P& |5 \; n5 T5 V; N+ u
according to the latest housing report released today by RBC Economics.
% j) O& C: p) H: v "The province's housing markets remain under heavy downward pressure,"1 f) K$ I9 N8 T' j3 ^" ?( V9 Z8 d- i
said Robert Hogue, senior economist, RBC. "While housing affordability is
( _# L* R- y6 t; Mimproving as the correction process runs its course. RBC's affordability( a" ^5 L& y2 {1 m* U5 {
measures for the province are still at levels far off historical averages."% N0 ]' g7 E& l( r
RBC notes that the sharp rise in unemployment since last summer is, f' B7 K4 ]* \+ R
worrying households in the province and weighing down demand for housing,2 n( u, ]" H7 I+ v; T" M
which runs well short of available supply. Such weak market conditions have% i+ u, Z. V# }
sustained the declining trend in prices for both existing and new homes.7 U) l4 j. L d* T% ]& D/ Y
The RBC Affordability measure for British Columbia, which captures the1 x1 D. C' M2 }
proportion of pre-tax household income needed to service the costs of owning a
# e; H! ~3 L8 {home, improved across all housing segments in the last quarter of 2008.& Y: }- K. W" \2 F) a$ t
Affordability of detached bungalows in the province moved to 66 per cent, the6 h- y* |: e) I# M
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
+ N5 ]$ c5 ], f& }3 ?the standard two-story home to 73.7 per cent.
, Q) f, w: B3 t# n. ~! ? According to the report, there are signs that the B.C. housing markets3 D. t& t$ A) f, X7 z
may be stabilizing as sales of existing homes appear to have bottomed out in
7 i, u9 J9 R( {) W8 z+ rthe closing months of 2008 and the first two in 2009 - although at
4 { H' j4 b9 E* {historically depressed levels.& h" _+ m! {. W: m# T/ j
Despite sharply declining house prices and lower mortgage rates, the cost
$ K' R4 f) `, Qof homeownership in Vancouver is still the highest in the country. House" q4 O- i; t# y2 E$ V
prices continue to rapidly decline and pricing power remains firmly in the
1 [5 {3 [3 v% |& ~, @ [hands of buyers with the sales-to-new listings ratio at historical lows. "This# \- I6 n1 j; d G- F5 ]
enormous imbalance suggests that prices will likely further correct in the! V+ O, ~+ b+ j5 J% P0 t; C+ X+ H
months ahead," added Hogue.
, @( Q& e3 j) |6 p% E# ? RBC's Affordability measure for a detached bungalow for Canada's largest
; e ]4 K$ P* _cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
7 t! ]: u* f3 \* ^5 i1 x9 }42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.% T) f" E4 q; k) x+ K1 \
The report also looked at mortgage carrying costs relative to incomes for! U, b" G2 {) i- T6 s
a broader sampling of cities across the country, including Victoria. For these9 f* w7 F' w: s$ a7 p
cities, RBC has used a narrower measure of housing affordability that only1 `+ m; Z" {: ?0 R: i6 h# g$ F
takes mortgage payments relative to income into account.
7 z0 s4 L: x+ O* J. \9 @6 _ The Housing Affordability measure, which RBC has compiled since 1985, is
8 l& d6 E0 r/ |4 s3 l# \based on the costs of owning a detached bungalow, a reasonable property
3 m6 R1 p" |4 \4 ]benchmark for the housing market. Alternative housing types are also presented
4 | M* d# z/ s; Y. i% xincluding a standard two-storey home, a standard townhouse and a standard: q4 N/ y+ t9 l! U1 F" r5 I1 U* c
condominium. The higher the reading, the more costly it is to afford a home.+ D, R* e5 Q. V, m$ J+ Q
For example, an Affordability reading of 50 per cent means that homeownership
+ v5 G( U( T9 A* J' Dcosts, including mortgage payments, utilities and property taxes, take up 50& M. k* b+ J* l. ]0 I/ o
per cent of a typical household's monthly pre-tax income.
5 f4 A* C3 {! m5 H) y
/ Q; h8 I" z( h+ O( R, M/ q <<6 F/ {" m5 M4 Z( a m
Highlights from across Canada:. o4 |- M3 `* _' l; D
2 d0 ~2 g6 N- T- ~, J; @
- Alberta: Since last fall, the declining Alberta economy has' q' a2 E4 N5 f* p2 Z+ Q& c) f# J: H+ k
intensified the downdraft on the province's housing markets, causing" u( }. f( ~ S! |9 w8 b- D9 P
home resales to drop to a 12-year low at the end of 2008 and rebound
; i; D8 j5 K% m/ z; m$ f# w/ ^ only modestly since. Affordability has been on an improving track
7 C& c" u, m$ R7 ~/ C since about the middle of 2007.1 _$ V. s9 H! P2 p- Q" B2 r
- Saskatchewan: Market activity has cooled considerably from the7 u9 d8 N9 R0 F+ M" o. @ Q/ F
frenzied pace from 2006 to early 2008 and prices have begun to( ?) g' r* [: n- k" A
decline. Nonetheless, economic and demographic fundamentals are still6 c8 E3 [ h1 x4 q* v5 F5 h7 U
largely supportive of the housing market and overshadow extremely, d, G8 E0 N' _' H0 p$ u7 \" S! |
poor affordability levels.- a1 P7 V" `- Q$ [. I7 C3 v) N
- Manitoba: Manitoba's housing markets have fared much better than the' f; x, M. u2 ~
vast majority in Canada: resale activity has slowed moderately and. Y; O- n) Y) G
prices have either held their own or edged down just slightly.
# f- M6 h% o( M5 g1 w4 r Affordability has been kept out of the danger zone, helping to
6 h6 o& L9 A7 q. d1 T8 a minimize any downside risks." e y1 H. c7 B2 `8 z. i$ T
- Ontario: With the recession pounding many communities, housing market( s# j# N) C" T g9 D. b
conditions have deteriorated considerably. However, the impact is
- Q ?, C- c! @0 u unlikely to develop into an all-out rout similar to that of the early
! J# y! G+ _: @1 G A' e: K" C' o 1990s. Affordability, while still causing some stress, is quickly
. _+ i0 j1 _- \5 E4 B being restored to levels closer to long-term averages.7 C# q6 X: o& W+ _' H) n
- Quebec: The province's housing markets have been among the last in
C: B+ z e2 V# v: ]1 {& d5 i Canada to yield to the weakening trend. The main sign of cooling thus
1 |/ z0 B3 A* A- S& F4 h' j far has been a drop in resale activity, as prices have held up+ `1 p( p* o$ r/ ^8 J% ?0 P
reasonably well. Some of the persisting market strength can be
& i' Y1 e* k& U2 E2 ` ascribed to sensible affordability levels, which had eroded only) a- y3 n9 F/ {
modestly in recent years.
5 V) E5 r( I9 X6 f+ V8 U4 n& j - Atlantic region: Markets have largely remained stable against the, L" L, f) T/ ~5 x' C, h
general housing downturn, with St. John's becoming the housing hot
& ^) i$ P. @, |* ?! x spot in Canada and Halifax and Saint John maintaining steady upward" @3 D2 ~; `* S: F7 \! T
price momentum. The region is benefiting from improving affordability
) m G2 v. r" Q0 ^) q6 L following two years of deterioration., E9 v! S9 k4 ^1 k, F- b" ?1 k. R8 ~
>> |
|
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
