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ZT: Cost of home ownership continues to rise: RBC

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发表于 2007-9-12 08:55 | 显示全部楼层 |阅读模式
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7 i  m* Q/ V% v' M# DZT: Cost of home ownership continues to rise: RBC
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Canadian Press; s$ I4 y4 J! B& w& l3 P3 e

  M, [. g/ Z+ Q( j. M- j% GWednesday, September 12, 20075 N# u3 Y2 o- m1 G0 r" k5 {- Y

( M8 f& s6 p$ v8 @$ R0 oTORONTO — 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.
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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.
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“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.
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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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" ]4 {3 k2 S  b6 eThe 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.% ^: j" A0 R3 d5 Q

$ ?1 k" ?' ]" v1 N  v8 \6 nA 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.7 A4 b4 X2 w6 f, }: P; X- W

3 ~* |* q# V, Q9 |% h7 zA standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.
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Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.
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4 [2 T7 @8 ~0 m' p5 T6 V3 ?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.5 y$ ^+ i3 B% l: L, b! M  @% |( u. _
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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.' u9 T) K4 C" }; Y. y5 T& }. J

+ k7 C1 r3 q; a% x“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 09:03 | 显示全部楼层
The prices of reasle homes are falling, how about new homes in Edmonton?
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发表于 2007-9-12 09:43 | 显示全部楼层
Cost of home ownership continues to rise,RENT WILL BE CONTINUING TO RISE AS A RESULT
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