 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
5 g2 h/ r$ K" D' F TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
# o& }% U, O$ amiddle of a significant correction that is partly reversing the extensive
5 b P$ }( e2 x* M& Egains of recent years and which is helping restore affordability conditions,) ` u0 L9 S7 [2 _2 O
according to the latest housing report released today by RBC Economics.
4 Z' m# Q) u0 }. x "The province's housing markets remain under heavy downward pressure,"+ R7 M% K# S% k4 W
said Robert Hogue, senior economist, RBC. "While housing affordability is
) _9 j) Z V- n; [' K2 Uimproving as the correction process runs its course. RBC's affordability9 z. }1 l+ m& q2 M0 }! e- c, J
measures for the province are still at levels far off historical averages."
( w) N2 b1 e' H4 I7 v O) a RBC notes that the sharp rise in unemployment since last summer is
2 T4 E# X3 k. F7 f0 `6 vworrying households in the province and weighing down demand for housing,6 N/ K l0 D# `! D* p r
which runs well short of available supply. Such weak market conditions have
7 Y# M0 S; e1 M% H psustained the declining trend in prices for both existing and new homes.0 _2 c" j6 Q5 [9 D! T9 W
The RBC Affordability measure for British Columbia, which captures the
( _- r( w7 R; Y. W) d! b; Nproportion of pre-tax household income needed to service the costs of owning a; J \8 H6 I8 C* e0 d* C
home, improved across all housing segments in the last quarter of 2008.
: ^( t% B6 U$ a: @0 H( {0 }Affordability of detached bungalows in the province moved to 66 per cent, the
7 z. d7 W3 k8 O2 R% c* \& kstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
- f+ q" y6 q. m! h/ Xthe standard two-story home to 73.7 per cent.1 w5 ]9 p" Y3 y2 [& J
According to the report, there are signs that the B.C. housing markets+ a P# g6 }" {% k, X+ j
may be stabilizing as sales of existing homes appear to have bottomed out in- U3 W6 a; _: e8 j
the closing months of 2008 and the first two in 2009 - although at
" N8 }, o- G" n: |historically depressed levels.
; M) [ j9 I* O( X+ U1 @7 z3 E8 D Despite sharply declining house prices and lower mortgage rates, the cost
3 d8 C, m1 Z/ Q$ Dof homeownership in Vancouver is still the highest in the country. House& U) O! C* K1 z
prices continue to rapidly decline and pricing power remains firmly in the
0 }6 V4 c8 w: y& |; x$ y! Khands of buyers with the sales-to-new listings ratio at historical lows. "This" Z' [2 R# a n( ?. L7 x4 \
enormous imbalance suggests that prices will likely further correct in the$ |/ ^3 r* n* }$ f' g f! A& Z
months ahead," added Hogue.2 f# v8 N- F" I; j
RBC's Affordability measure for a detached bungalow for Canada's largest
; S8 }) S6 m1 e& ^$ Xcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary v% h4 o( R) N, x/ b+ O
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
2 {( P1 {$ _ ^7 b The report also looked at mortgage carrying costs relative to incomes for3 A: |7 P1 [9 z j: { K" H: Y
a broader sampling of cities across the country, including Victoria. For these
4 m$ p! ]! G' ^cities, RBC has used a narrower measure of housing affordability that only
; N% f/ z6 ?: \0 A$ u$ o8 O, ?3 vtakes mortgage payments relative to income into account.
& t7 a: @/ ]; Z7 n* Z& P# z The Housing Affordability measure, which RBC has compiled since 1985, is( T( d; y) S k
based on the costs of owning a detached bungalow, a reasonable property9 ^: `8 H$ {1 j( p" m1 Z* T
benchmark for the housing market. Alternative housing types are also presented
' Y4 Z" M; O W! sincluding a standard two-storey home, a standard townhouse and a standard7 U" _5 f; `# u ^" D
condominium. The higher the reading, the more costly it is to afford a home.6 M% Z" |/ ]6 `
For example, an Affordability reading of 50 per cent means that homeownership7 ~! z- [! R R7 s/ c- ?) |
costs, including mortgage payments, utilities and property taxes, take up 50
$ a0 i/ Z! \2 g k fper cent of a typical household's monthly pre-tax income.4 o4 ]9 w5 {" S
; I- v" w: Q& {. x <<' H# o, Y) ~# H% V$ `/ T4 O
Highlights from across Canada:) S% u. E. k, P$ \* q: o
) d" Y# k! ^5 c3 M- k
- Alberta: Since last fall, the declining Alberta economy has
, s, y7 M5 o! e R! q( }2 ?$ B9 Y intensified the downdraft on the province's housing markets, causing
6 |& z1 L0 T% m4 J4 y5 y home resales to drop to a 12-year low at the end of 2008 and rebound
( y9 }0 \9 t R; I only modestly since. Affordability has been on an improving track
. }) A" a5 e$ Q8 v) [3 l since about the middle of 2007.% G* b [# N+ A4 C
- Saskatchewan: Market activity has cooled considerably from the
7 g8 K2 k' T- X0 m/ {2 T frenzied pace from 2006 to early 2008 and prices have begun to
6 }* Q( _- X# o decline. Nonetheless, economic and demographic fundamentals are still
# R' J0 o9 n1 @' L largely supportive of the housing market and overshadow extremely4 K+ f* U% a7 r# k
poor affordability levels.$ r. `. B# S& r; F: I! C* [3 j
- Manitoba: Manitoba's housing markets have fared much better than the; ?( D5 p$ H% H: f0 A
vast majority in Canada: resale activity has slowed moderately and
0 ]8 n- |- v2 f/ _" n% A6 S6 c! e0 h prices have either held their own or edged down just slightly.
2 Q3 A. o7 f! H( u' D" {* v7 w& g0 y Affordability has been kept out of the danger zone, helping to4 d+ O" E+ _( o
minimize any downside risks.; j/ w: e! \9 g' b9 i8 A1 K* B
- Ontario: With the recession pounding many communities, housing market7 o1 w9 s% e2 G
conditions have deteriorated considerably. However, the impact is( j& i+ y% n" x; M. d9 G" ?
unlikely to develop into an all-out rout similar to that of the early
8 X" L- K* t7 {& o1 Z/ W 1990s. Affordability, while still causing some stress, is quickly* q4 E' q& w3 I
being restored to levels closer to long-term averages.
s1 S1 A4 l' ^. R) J" ` - Quebec: The province's housing markets have been among the last in
% B u. X7 d% ]8 I6 _ Canada to yield to the weakening trend. The main sign of cooling thus
( ?( A( Q) G1 `" Q& u3 a9 G far has been a drop in resale activity, as prices have held up
' f: y/ v a8 T) a reasonably well. Some of the persisting market strength can be
) g I3 F+ x7 Y; ?7 r/ z5 Y ascribed to sensible affordability levels, which had eroded only
5 G2 w8 S" v% r+ y! J6 k1 s modestly in recent years.& B0 l. F3 c8 d. v# R
- Atlantic region: Markets have largely remained stable against the+ M% ~1 c. F" r/ [5 E8 P
general housing downturn, with St. John's becoming the housing hot
. E+ D7 V, n/ Y2 ? spot in Canada and Halifax and Saint John maintaining steady upward
- S% y J* Z# q: C/ A7 S+ b1 ]! O price momentum. The region is benefiting from improving affordability
+ H" [* Z$ b! `7 d6 f- C following two years of deterioration.- v% K7 _ i9 b' s5 T
>> |
|
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
