 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
g2 E6 g* m7 ~4 B TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
5 T' H& l; [6 ~, [4 {8 J) Hmiddle of a significant correction that is partly reversing the extensive
# Z5 X7 K b, W% d' m/ lgains of recent years and which is helping restore affordability conditions,$ L" M7 t/ t$ O/ B# h( L: |
according to the latest housing report released today by RBC Economics.# i1 K! ]5 O9 Q+ g$ o: W4 b
"The province's housing markets remain under heavy downward pressure,"
. k+ K: y0 E f# Hsaid Robert Hogue, senior economist, RBC. "While housing affordability is
; q$ b- M6 p, C; _3 j' ?improving as the correction process runs its course. RBC's affordability. a4 f( O* R8 P, j
measures for the province are still at levels far off historical averages."
I& T& S& O( j6 H: F RBC notes that the sharp rise in unemployment since last summer is0 S/ h" c ?' V9 r( @
worrying households in the province and weighing down demand for housing,
+ H. Y k$ Y' ^9 o" u+ Y; [which runs well short of available supply. Such weak market conditions have7 t! r% n0 D% [
sustained the declining trend in prices for both existing and new homes.) f5 C( j: p* b3 ~& j6 {- ^) i
The RBC Affordability measure for British Columbia, which captures the
8 i! S" x' @7 X& N% Qproportion of pre-tax household income needed to service the costs of owning a
2 G) b4 B# X' K) y* U4 Uhome, improved across all housing segments in the last quarter of 2008.4 f9 T4 \3 Q9 t4 ?
Affordability of detached bungalows in the province moved to 66 per cent, the
5 A! ^: |# s# f9 zstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
N; v V7 p# j7 I; U" ]) ythe standard two-story home to 73.7 per cent.
9 U _9 x8 K0 O; g According to the report, there are signs that the B.C. housing markets4 K# G1 }- t! o* a
may be stabilizing as sales of existing homes appear to have bottomed out in' M- ]/ D/ E0 X5 O' b4 W% L
the closing months of 2008 and the first two in 2009 - although at
/ Z! W. w7 `% z1 P8 Y/ p) Shistorically depressed levels.; `: `# q: A& r# Z
Despite sharply declining house prices and lower mortgage rates, the cost' s w9 @) H" j0 n: g
of homeownership in Vancouver is still the highest in the country. House1 j+ K" ?0 U: I, l
prices continue to rapidly decline and pricing power remains firmly in the
3 V/ v) O# Q, b+ xhands of buyers with the sales-to-new listings ratio at historical lows. "This( p2 u3 W* B$ n- o2 a8 a2 r/ c! E
enormous imbalance suggests that prices will likely further correct in the' ]8 h1 `9 R, ^
months ahead," added Hogue., f5 o; R( J7 S/ l4 M" N6 U
RBC's Affordability measure for a detached bungalow for Canada's largest
$ P4 ?4 X3 H: r: x" {3 [cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
, `, @: h- h: N. q' O42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.8 B4 D% V& H. ~
The report also looked at mortgage carrying costs relative to incomes for
% R, r) |0 s1 S! Y( p% N- f! X4 Qa broader sampling of cities across the country, including Victoria. For these' m7 @; D+ F: m9 E7 q. y/ G% E
cities, RBC has used a narrower measure of housing affordability that only1 K8 J9 B# {8 S; i: K* ]
takes mortgage payments relative to income into account.
) F0 S" i+ D+ _$ U The Housing Affordability measure, which RBC has compiled since 1985, is/ X* E0 [! t& F# k
based on the costs of owning a detached bungalow, a reasonable property' K {' j6 b" ]
benchmark for the housing market. Alternative housing types are also presented+ u# K. O1 k/ F
including a standard two-storey home, a standard townhouse and a standard7 E: H7 A5 b" l7 x- @# f5 K4 j. P
condominium. The higher the reading, the more costly it is to afford a home.6 x @* j5 z9 I% c& Y
For example, an Affordability reading of 50 per cent means that homeownership
& ~3 `+ W m0 c1 S! mcosts, including mortgage payments, utilities and property taxes, take up 50
. U1 D' c& ~, j0 W5 `! f7 W Nper cent of a typical household's monthly pre-tax income.: \2 q# s7 k- a. h$ O& F
0 @) j% T$ y4 d- c2 H% T <<- A+ C3 V6 D% _4 Q o
Highlights from across Canada:" M/ C @- `( y. m& y6 Z4 B% T
- d: i3 z( M- q4 S& P, x7 z4 y* x
- Alberta: Since last fall, the declining Alberta economy has# Y$ B0 q* X" q1 X- [; x
intensified the downdraft on the province's housing markets, causing
; s' k: b8 P: w# a/ ? home resales to drop to a 12-year low at the end of 2008 and rebound* f7 n! W. q S7 ~. d5 q9 ^# A
only modestly since. Affordability has been on an improving track
/ {8 K f% A6 l since about the middle of 2007.9 o' V( r/ z- ~' S- d6 J
- Saskatchewan: Market activity has cooled considerably from the
" V+ e1 ~8 Y0 R- K/ {0 [3 U frenzied pace from 2006 to early 2008 and prices have begun to
& W) e+ ^$ d+ ]( h! ` decline. Nonetheless, economic and demographic fundamentals are still
9 Q/ S) t3 R0 Y! X largely supportive of the housing market and overshadow extremely
% C; J/ g/ X# x( b( B* r9 e poor affordability levels.! A2 a4 l7 q! R+ t
- Manitoba: Manitoba's housing markets have fared much better than the
/ i; T. N9 S& X vast majority in Canada: resale activity has slowed moderately and: t6 z \% }( M; R8 g' }
prices have either held their own or edged down just slightly.* g3 h6 a% h7 v4 S4 e
Affordability has been kept out of the danger zone, helping to
" ^+ [, w7 C, }" k8 L1 F' v$ [ minimize any downside risks. O7 G+ u" n4 ~% d
- Ontario: With the recession pounding many communities, housing market
+ l% L# M& n8 _ conditions have deteriorated considerably. However, the impact is" K+ W, A4 G. t) R
unlikely to develop into an all-out rout similar to that of the early
- y1 c. |5 s* l 1990s. Affordability, while still causing some stress, is quickly! [: e+ m2 B4 _) m; I
being restored to levels closer to long-term averages.
\% H3 ]: D f! I0 X - Quebec: The province's housing markets have been among the last in
S8 j: g) H4 {* i9 Y6 { Canada to yield to the weakening trend. The main sign of cooling thus( J* Y" R6 C6 r0 a! ^! f' A0 n! B e' h
far has been a drop in resale activity, as prices have held up
7 ?: Y6 W4 L: p' |, _ reasonably well. Some of the persisting market strength can be0 Y" M5 z4 E7 d \+ y
ascribed to sensible affordability levels, which had eroded only
: k* d/ j8 h* W" U" q4 S; u modestly in recent years.
4 b' e2 r! \& K% u - Atlantic region: Markets have largely remained stable against the0 |0 P* O' i7 u1 C) L
general housing downturn, with St. John's becoming the housing hot4 {; {& j w6 s, R+ s& U. i2 h) B
spot in Canada and Halifax and Saint John maintaining steady upward+ P" `+ X& R6 F- x4 b1 t
price momentum. The region is benefiting from improving affordability# `& S) h+ L* b! u @& j
following two years of deterioration.! V# V9 _5 n6 ~7 L
>> |
|
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
