 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
- A: y7 t6 [0 T' ^# j! I1 a: ]5 Z) K9 q TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
7 u2 c7 A6 ~% H9 emiddle of a significant correction that is partly reversing the extensive" r# M& T; J! ?' X' z C
gains of recent years and which is helping restore affordability conditions,
5 |: S# H" ^# ]" w: j: [1 \3 vaccording to the latest housing report released today by RBC Economics.
9 r% a& w8 h' S3 F% J: ^ "The province's housing markets remain under heavy downward pressure,"
4 n, w" j7 e7 ?% N7 Rsaid Robert Hogue, senior economist, RBC. "While housing affordability is1 f$ m* ]6 j& a9 U
improving as the correction process runs its course. RBC's affordability* O* U6 l+ |" M
measures for the province are still at levels far off historical averages."
# ]/ o" Z) D, a, c2 m$ x+ s! O( d RBC notes that the sharp rise in unemployment since last summer is
9 ?' h8 n/ F" z6 V* c' Oworrying households in the province and weighing down demand for housing,
% o& k# c) v+ Rwhich runs well short of available supply. Such weak market conditions have
2 \* v5 N G y/ R- Asustained the declining trend in prices for both existing and new homes.4 v! y2 W/ \2 L+ }+ g w2 g& p
The RBC Affordability measure for British Columbia, which captures the
" H v6 b' o) i, @. }- Bproportion of pre-tax household income needed to service the costs of owning a
/ d! Q0 {/ _, f4 C+ \# |* phome, improved across all housing segments in the last quarter of 2008.9 f1 I! ~' M/ Y/ ^6 l+ Q
Affordability of detached bungalows in the province moved to 66 per cent, the
9 V* E+ N- l2 y4 f% vstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and# o4 D: y9 @3 y0 Z
the standard two-story home to 73.7 per cent.
8 c3 m! U b/ L/ N% z According to the report, there are signs that the B.C. housing markets
A6 |2 a$ ?/ \may be stabilizing as sales of existing homes appear to have bottomed out in
7 u' M6 ?( @& ^6 o0 i4 |5 i) G1 nthe closing months of 2008 and the first two in 2009 - although at, W; J& D6 o3 X! O% u
historically depressed levels.. N3 ~; H [* |% g% \4 N# v3 g+ Z
Despite sharply declining house prices and lower mortgage rates, the cost
9 @& T5 ^* F% }/ T, r7 mof homeownership in Vancouver is still the highest in the country. House
$ v' h9 x, g5 B( ]( _+ sprices continue to rapidly decline and pricing power remains firmly in the
' B$ k0 r. t. @: J- Ohands of buyers with the sales-to-new listings ratio at historical lows. "This0 l" C5 [/ a: B' R w5 A1 R
enormous imbalance suggests that prices will likely further correct in the6 _6 J7 v3 I7 {) Z4 {4 S5 Z
months ahead," added Hogue.: g1 [6 f( w' X9 m0 W3 W1 Q
RBC's Affordability measure for a detached bungalow for Canada's largest
- [! x4 {( T' U5 s- R# Pcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary/ i, v3 `8 y0 C4 @
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.5 s% n# L( W# }; ~
The report also looked at mortgage carrying costs relative to incomes for( {! H, ~3 L. V' w. k
a broader sampling of cities across the country, including Victoria. For these' }$ j) [* M& i* {
cities, RBC has used a narrower measure of housing affordability that only) |" b/ _7 [) Q9 m8 h4 @
takes mortgage payments relative to income into account.
+ L8 d+ Q; V4 I8 [+ u The Housing Affordability measure, which RBC has compiled since 1985, is9 Q- W) y: ]/ l* y, r9 x
based on the costs of owning a detached bungalow, a reasonable property2 N7 P3 }' w" o( p/ L
benchmark for the housing market. Alternative housing types are also presented! O) ^9 p9 m/ S& u( g) b& _- d- I
including a standard two-storey home, a standard townhouse and a standard
) _% U. T& C% r& _5 ^+ Vcondominium. The higher the reading, the more costly it is to afford a home.
: k) \ L9 J/ i- w' \For example, an Affordability reading of 50 per cent means that homeownership
4 H7 @; C4 `" [. Q% J6 `costs, including mortgage payments, utilities and property taxes, take up 50
8 ?: n% S" v# r: E: Fper cent of a typical household's monthly pre-tax income.& [# R' L9 q4 L/ m Z
; H: r! Y; h3 u2 E' w
<<' N) e. R( F7 ~! e
Highlights from across Canada:1 {. W" X5 g+ n/ H- X! m
7 Q. H2 P; A3 G; g( T - Alberta: Since last fall, the declining Alberta economy has* L2 e* j; \, w5 C6 F9 ?* j( e
intensified the downdraft on the province's housing markets, causing8 m% k1 S# ]4 W0 t1 K; d9 Z ~- W
home resales to drop to a 12-year low at the end of 2008 and rebound
( | ~. C3 G1 o only modestly since. Affordability has been on an improving track7 v8 N: }4 L# Q( T# ]# N+ \" f8 O
since about the middle of 2007.' ~" g+ o9 ]0 Z& V
- Saskatchewan: Market activity has cooled considerably from the I1 D) u- ~* g# O% U# |
frenzied pace from 2006 to early 2008 and prices have begun to6 G2 H4 a+ J( b+ T
decline. Nonetheless, economic and demographic fundamentals are still
+ [9 O. I) t8 y% ?2 o" n largely supportive of the housing market and overshadow extremely
3 d; Y5 l! {- \ G$ u poor affordability levels.% E# v* v' }% K7 }* {
- Manitoba: Manitoba's housing markets have fared much better than the
& T' b$ ?, g' v- o2 S# W vast majority in Canada: resale activity has slowed moderately and& `' Q! p$ b( p* o2 }
prices have either held their own or edged down just slightly.
3 Z- \$ {1 N" c, R Affordability has been kept out of the danger zone, helping to
* n" Z$ ~9 H7 {% c+ y minimize any downside risks.
5 `0 c( E4 k( S/ c/ t$ b - Ontario: With the recession pounding many communities, housing market
% o9 J! P2 B% ~ conditions have deteriorated considerably. However, the impact is: T9 H7 t6 {% X6 N2 z8 _( Y9 L
unlikely to develop into an all-out rout similar to that of the early
[* P& W- J+ U$ V9 V& t/ M 1990s. Affordability, while still causing some stress, is quickly
- r3 i* `: k/ Z# F; U& i. g# P$ u5 W being restored to levels closer to long-term averages.; X x. u) |+ Y! W$ T# ~4 C, x
- Quebec: The province's housing markets have been among the last in
0 K$ o- ?+ U+ h& V( g Canada to yield to the weakening trend. The main sign of cooling thus q" F i/ k6 k7 v" ~9 X5 f* ]- x
far has been a drop in resale activity, as prices have held up
* {1 v. K2 C% ] reasonably well. Some of the persisting market strength can be
9 `. A# F' z% H ascribed to sensible affordability levels, which had eroded only6 M, O6 B! \6 D% I/ d
modestly in recent years.
7 H4 N4 X) Q) j' D( J5 [1 G/ e - Atlantic region: Markets have largely remained stable against the
' U: r$ |( h& W% _- [ general housing downturn, with St. John's becoming the housing hot* ?! ^% Y. w- S. w
spot in Canada and Halifax and Saint John maintaining steady upward
7 u+ |- \/ W9 L6 P4 p4 A! b4 ^6 ] price momentum. The region is benefiting from improving affordability
8 S7 O0 J2 |; i! j6 ]( w! r7 ~ following two years of deterioration.
]* b3 ^) {$ E) N3 j, \' P# b. f >> |
|
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
