 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
, x0 F& V) Y& }1 @ TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the# X' u/ t* D) ~8 I1 g
middle of a significant correction that is partly reversing the extensive7 p1 ]. }* V- r) j( R9 L
gains of recent years and which is helping restore affordability conditions,# O7 u2 D4 a8 A2 c2 ~% }
according to the latest housing report released today by RBC Economics.8 d1 Q7 K1 o; \4 S% n% o7 b& h
"The province's housing markets remain under heavy downward pressure,"
/ S% m: @( |" y8 B9 Vsaid Robert Hogue, senior economist, RBC. "While housing affordability is
! [$ c" H, q6 Limproving as the correction process runs its course. RBC's affordability
. E+ s( R- g/ \& u3 I2 bmeasures for the province are still at levels far off historical averages."% h3 I. z# Z; Y4 E6 X; W2 J
RBC notes that the sharp rise in unemployment since last summer is
0 I s# k0 P* E0 J. P( D: ?worrying households in the province and weighing down demand for housing,
0 W$ u F7 T8 }which runs well short of available supply. Such weak market conditions have
0 d/ M n" h3 G4 Z4 ]sustained the declining trend in prices for both existing and new homes.$ y7 h" h$ k/ ?' M/ t7 s% M* b! q
The RBC Affordability measure for British Columbia, which captures the
5 t( P8 `1 O7 H) Q( eproportion of pre-tax household income needed to service the costs of owning a
) K" t( Q' Q+ F5 v# L* {home, improved across all housing segments in the last quarter of 2008.+ p) w& }+ O2 t8 v d
Affordability of detached bungalows in the province moved to 66 per cent, the
% q1 i8 q1 ], m+ ?* X+ W( |standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and1 d% D: z3 @/ [, D# p
the standard two-story home to 73.7 per cent.
9 ]3 I$ q5 K& h5 q$ Q- Y+ d According to the report, there are signs that the B.C. housing markets; f; n/ y: C5 u" _
may be stabilizing as sales of existing homes appear to have bottomed out in
, n$ n ?7 \/ I- d+ B) Fthe closing months of 2008 and the first two in 2009 - although at [" j4 m% O) D! |5 A- ^- Z
historically depressed levels.
* b; v, W; ~! D! M1 G [& P, n Despite sharply declining house prices and lower mortgage rates, the cost
1 y Y% v# t7 W8 C. Zof homeownership in Vancouver is still the highest in the country. House
. ~4 v- f: i' _4 K6 zprices continue to rapidly decline and pricing power remains firmly in the
+ v) i* W8 ~$ A7 u0 Chands of buyers with the sales-to-new listings ratio at historical lows. "This
/ ^, w0 J9 I+ ]% O" j* |& y! Renormous imbalance suggests that prices will likely further correct in the2 A, e2 m( {% B1 ]
months ahead," added Hogue.# z) S, ? F9 Q$ M7 j3 y
RBC's Affordability measure for a detached bungalow for Canada's largest* S. ? n7 m6 M, Y* Q$ g
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary* ]' z5 `7 s/ P4 v% ]2 H
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
( l/ o5 a4 \& b' h* b The report also looked at mortgage carrying costs relative to incomes for6 D, x6 G% |1 N6 e2 Z+ S. z+ a
a broader sampling of cities across the country, including Victoria. For these
# {& v6 l, i& B+ _7 |cities, RBC has used a narrower measure of housing affordability that only3 ]) B, @ \) I; r6 ~
takes mortgage payments relative to income into account.
" |! @0 d; g F The Housing Affordability measure, which RBC has compiled since 1985, is, e$ K1 Y$ E7 a' f4 J
based on the costs of owning a detached bungalow, a reasonable property; D2 J7 |8 F/ D$ ]& i
benchmark for the housing market. Alternative housing types are also presented8 x3 d* ?5 h+ S& `9 K8 h" k
including a standard two-storey home, a standard townhouse and a standard
" {4 e2 p+ M" o9 D: d& k; Ocondominium. The higher the reading, the more costly it is to afford a home.
+ c* j) U7 L- k& J( f) \' JFor example, an Affordability reading of 50 per cent means that homeownership
' n! V r$ S4 U& V6 J$ C7 Bcosts, including mortgage payments, utilities and property taxes, take up 502 E5 Z2 n: h6 I# l% ~
per cent of a typical household's monthly pre-tax income.
2 S, M7 }/ n H& f f# _5 T, p' l
<<& e5 n$ s9 g- D* F) K& a
Highlights from across Canada:
$ n: Z! d+ v- H8 D9 {4 I$ Y6 \7 |; K+ j
* Z0 L, z# J; _* m$ G1 W$ R$ f0 V - Alberta: Since last fall, the declining Alberta economy has5 _. s2 B! y2 a# I/ h9 I
intensified the downdraft on the province's housing markets, causing
1 Z% Q1 Y; z/ |, t5 O/ B home resales to drop to a 12-year low at the end of 2008 and rebound$ t4 z4 V3 r4 {6 w' X
only modestly since. Affordability has been on an improving track; @7 u4 w, d7 _3 P
since about the middle of 2007.' C2 R! y" w7 [( U3 L
- Saskatchewan: Market activity has cooled considerably from the4 y1 M' i. E$ E" ?! R
frenzied pace from 2006 to early 2008 and prices have begun to
; W- v1 q& _8 ^" ^; d% T0 h decline. Nonetheless, economic and demographic fundamentals are still5 {; h! N5 a9 a$ A! E
largely supportive of the housing market and overshadow extremely1 e- b0 @ [# G- k8 A9 w
poor affordability levels.
( S5 y' a! t/ @/ s" P - Manitoba: Manitoba's housing markets have fared much better than the! {$ y) ]) U" L* G' D9 T
vast majority in Canada: resale activity has slowed moderately and
& o+ K! ?0 v2 c1 w( y7 W prices have either held their own or edged down just slightly.0 @, N1 m3 E" O# ?
Affordability has been kept out of the danger zone, helping to
K- c8 v& H. j' D: Q minimize any downside risks.% p9 h8 e, W: t0 t, o5 _
- Ontario: With the recession pounding many communities, housing market
* p, P5 w. t5 H( Q; g* n# L% z conditions have deteriorated considerably. However, the impact is
( C7 z3 I# [& S% d) H unlikely to develop into an all-out rout similar to that of the early
( c+ `6 H: T+ f: G g' V 1990s. Affordability, while still causing some stress, is quickly5 f3 Q( k/ O5 w% s. {* E# M
being restored to levels closer to long-term averages.1 N# V9 i6 `% |& E& t
- Quebec: The province's housing markets have been among the last in
" C1 g7 N, g8 c \# e# {+ ]/ G4 V4 h Canada to yield to the weakening trend. The main sign of cooling thus
' g8 v! D# r8 d3 p% \/ d, X" O far has been a drop in resale activity, as prices have held up$ \3 V0 d# H. O) F3 o
reasonably well. Some of the persisting market strength can be
0 p2 R; b9 C5 k# j4 r ascribed to sensible affordability levels, which had eroded only
; f0 M, G1 V. G modestly in recent years.7 ~) x: ?4 |* C
- Atlantic region: Markets have largely remained stable against the
$ L, {9 @" e3 X. S general housing downturn, with St. John's becoming the housing hot) u) B" F# F4 q4 r
spot in Canada and Halifax and Saint John maintaining steady upward# i$ _( m) b+ |5 n2 a
price momentum. The region is benefiting from improving affordability
" t# Z7 [6 H, ]1 X7 s* G, g! H following two years of deterioration.
* {! j& S/ c" {2 t' m >> |
|
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
