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ZT: Cost of home ownership continues to rise: RBC$ B2 a" ^" X6 ^- y$ O& B
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Canadian Press
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Wednesday, September 12, 2007( e1 R6 {1 k/ C& v% d2 G
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TORONTO — The cost of owning a home in Canada continued to climb in the second quarter as affordability in Western Canada showed the biggest change, according to a new report by the Royal Bank.6 i2 P& }+ x5 r e) X7 v
5 h# F; j+ V* i9 u w% ^Saskatchewan suffered its worst ever quarterly deterioration of affordability on record, according to the bank, as an influx of people caught the housing supply off guard.8 X9 w e4 v' L2 ~2 [9 ?' o
" `, y, I8 k9 S/ w; ?0 v. ?6 |8 ~“In the second quarter, Canada's housing affordability experienced one of the largest and most broadly based quarterly deteriorations since the mid-1990s,” said Derek Holt, assistant chief economist, RBC.6 S6 P& P" U6 T% o
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“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”
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The report measures the proportion of pre-tax household income needed to service the costs of owning a home. The higher the reading, the more costly it is to afford a home
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The bank said a standard condo was the most affordable, requiring about 29 per cent of income compared with 27.5 per cent in the first quarter.
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A standard townhouse was next at 33 per cent, up from 31.5 per cent in the first quarter followed by a detached bungalow which increased from 39 per cent to 41 per cent in the second quarter.: O3 q9 y6 p$ \7 E1 N
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A standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.% x) ^$ f" ~5 n0 O K. b" O8 T' y2 `+ W
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Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.
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Affordability fell about 20 per cent in Saskatchewan with no signs that prices were letting up yet, but the bank said the high prices were starting to weigh on demand.
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: x( p# o0 J9 ]! L* I; {Among Canada's largest cities, a detached bungalow in Vancouver was the most expensive with the proportion of pre-tax household income needed to own a home coming in at 71 per cent. Toronto and Calgary followed at 45 per cent, Montreal at 36 per cent and Ottawa at 31 per cent.
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8 u! N5 I" U4 D% r. P0 O, I“Market conditions in Vancouver have loosened up during the year, but conditions remain tilted in favour of a seller's market and are still supportive of fairly strong price gains,” the report said. |
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发表于 2007-9-12 08:55
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