 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
% m( w1 ^, u( {. a8 w6 J$ x4 { TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the4 M) w- ?' ]+ y( v* w- r
middle of a significant correction that is partly reversing the extensive# V+ P2 H& ^+ r7 r
gains of recent years and which is helping restore affordability conditions,
/ |3 j- P! W* Raccording to the latest housing report released today by RBC Economics.' K/ a' h+ E/ T8 {5 o% I
"The province's housing markets remain under heavy downward pressure,"7 v0 b3 w4 F; g$ v+ }$ g
said Robert Hogue, senior economist, RBC. "While housing affordability is/ k, Z( C& S0 S6 ~4 [, F0 d
improving as the correction process runs its course. RBC's affordability
2 a r- W, ]& L7 `8 |: }measures for the province are still at levels far off historical averages."; N6 b' R( z6 P* Z r
RBC notes that the sharp rise in unemployment since last summer is& R& s Q+ b% N4 a' W( Q/ N' e' C) g
worrying households in the province and weighing down demand for housing,& q& f# _/ p. @$ q6 [7 e, v3 H
which runs well short of available supply. Such weak market conditions have; e s5 Q' o8 I5 K) O
sustained the declining trend in prices for both existing and new homes.; d4 N9 j3 e3 E5 u" y1 n
The RBC Affordability measure for British Columbia, which captures the
7 R2 s1 {! Y" s# `) p% m3 B" |+ [9 V: gproportion of pre-tax household income needed to service the costs of owning a
% C, @0 j( [ f% q: Yhome, improved across all housing segments in the last quarter of 2008.
5 m: I' i9 C* L6 OAffordability of detached bungalows in the province moved to 66 per cent, the- r+ A3 a- {6 z- L3 b5 K6 L$ i2 T
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and5 {# A# ?- v: c9 Q. k5 s
the standard two-story home to 73.7 per cent.7 {$ o! T& ^: O0 G- d
According to the report, there are signs that the B.C. housing markets
) p/ U# Q9 f8 B! ^9 X5 ~may be stabilizing as sales of existing homes appear to have bottomed out in" l7 i% D' } b
the closing months of 2008 and the first two in 2009 - although at6 \: o+ T( F$ L
historically depressed levels.# ?+ y0 h* t% F1 S: ~) Z5 a- l2 K1 o
Despite sharply declining house prices and lower mortgage rates, the cost9 }6 O/ b5 N3 I c1 S% ^ T
of homeownership in Vancouver is still the highest in the country. House
5 M9 g! J0 n8 v$ } J" bprices continue to rapidly decline and pricing power remains firmly in the: R% F+ A: s% D2 H* ^) F0 s) z% X
hands of buyers with the sales-to-new listings ratio at historical lows. "This
9 g/ V$ y K: |8 c$ Yenormous imbalance suggests that prices will likely further correct in the9 W" n0 [# C# ?6 K
months ahead," added Hogue.
1 ^) B `1 X2 l RBC's Affordability measure for a detached bungalow for Canada's largest
# D6 Y) B7 ~! p5 p) _cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary* d" Q) M7 f0 l0 C
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
0 e5 ~) S V4 |* H' g3 ] The report also looked at mortgage carrying costs relative to incomes for
% V: h/ k% n5 k- k+ G1 Z2 na broader sampling of cities across the country, including Victoria. For these
8 c$ g+ z S8 ~) r! M8 pcities, RBC has used a narrower measure of housing affordability that only
H% R& t4 f* Atakes mortgage payments relative to income into account.- l5 r$ R: s' w4 X+ y! o
The Housing Affordability measure, which RBC has compiled since 1985, is. V2 |7 R, k. I9 y
based on the costs of owning a detached bungalow, a reasonable property
0 e9 G( A* b# v" ~0 fbenchmark for the housing market. Alternative housing types are also presented
1 j U1 v& L+ h" M# z4 W3 y1 k Pincluding a standard two-storey home, a standard townhouse and a standard
% |4 l: E# i7 P% I/ X7 @0 ?condominium. The higher the reading, the more costly it is to afford a home.: Z8 h. t$ F$ h. ^3 o+ |6 ^5 C
For example, an Affordability reading of 50 per cent means that homeownership
) Y) V' j/ [1 q* `costs, including mortgage payments, utilities and property taxes, take up 50
0 I3 I/ K( O* j$ Yper cent of a typical household's monthly pre-tax income.' M4 N; t/ ~1 f7 q9 i
: E, y, D$ s* C
<<
* z) u( h1 O1 I4 o$ [ Highlights from across Canada:
0 L& J4 z( G x1 n+ }
8 p/ t$ m# {6 ? - Alberta: Since last fall, the declining Alberta economy has
/ o" g8 _. d' X T0 \: W intensified the downdraft on the province's housing markets, causing
0 E2 I3 X u; a" c! v" o home resales to drop to a 12-year low at the end of 2008 and rebound; O1 y: I+ _- R6 k, q' W) m* m% n
only modestly since. Affordability has been on an improving track8 a8 r* v! R: X% |1 E p2 p1 Y6 K o$ v
since about the middle of 2007.
' x7 V' Z$ c) N R3 @ - Saskatchewan: Market activity has cooled considerably from the9 L3 k( y5 { b |! p( r+ z
frenzied pace from 2006 to early 2008 and prices have begun to) q. e+ N5 \+ a9 @1 q; a# ?
decline. Nonetheless, economic and demographic fundamentals are still# ~% z' N* `- ` K( q
largely supportive of the housing market and overshadow extremely
# Q( q6 @+ D9 O$ j& F0 g poor affordability levels.
2 Z: l) H% I4 i7 z/ q - Manitoba: Manitoba's housing markets have fared much better than the( }1 Q1 h9 h. `2 C
vast majority in Canada: resale activity has slowed moderately and
" _7 Y* s& ]+ n8 A+ c6 m! i" |9 J+ c prices have either held their own or edged down just slightly.' R& r7 }' |4 h4 \
Affordability has been kept out of the danger zone, helping to8 ~$ O- g- H( S, X+ X
minimize any downside risks.
! \& ^3 L( `9 D& c3 W# e - Ontario: With the recession pounding many communities, housing market8 u: s7 x# x0 y+ D! M# g. D
conditions have deteriorated considerably. However, the impact is
7 i& n1 i) K3 ?& a) P; P) J unlikely to develop into an all-out rout similar to that of the early
D; P J5 O: z$ U1 g+ n 1990s. Affordability, while still causing some stress, is quickly
6 Z4 k5 L/ s" E* G( O being restored to levels closer to long-term averages.) S, w8 C Y. }8 g6 e) [
- Quebec: The province's housing markets have been among the last in- C I" O! e- N1 K1 i+ w& {3 D' r7 w
Canada to yield to the weakening trend. The main sign of cooling thus
) D/ z7 _$ u+ m( l far has been a drop in resale activity, as prices have held up
2 V* {) p; t7 Y7 C5 u. F6 t reasonably well. Some of the persisting market strength can be% X7 m5 E1 I& V7 S
ascribed to sensible affordability levels, which had eroded only
9 }4 i/ L& Z! X; a- r modestly in recent years.
( @; i% r3 z" S" { - Atlantic region: Markets have largely remained stable against the. y( M3 n& \% T% ?1 e( A5 X
general housing downturn, with St. John's becoming the housing hot5 C7 W; d9 w% E
spot in Canada and Halifax and Saint John maintaining steady upward
0 m' c& @" H( M4 C# Q. V price momentum. The region is benefiting from improving affordability$ T8 b1 M) K* Q! }7 t0 }
following two years of deterioration.
( P' Z' ^, ^( A6 _7 `; 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
