 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
% p% {- b; n' @+ X+ O TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
4 d" ~' \8 d { j. dmiddle of a significant correction that is partly reversing the extensive
/ R" Z% s+ u9 X* I0 o5 f# Dgains of recent years and which is helping restore affordability conditions,
' T& p/ |) q: F+ saccording to the latest housing report released today by RBC Economics.
7 ]4 d# D; \4 V5 }) s: W: J4 K "The province's housing markets remain under heavy downward pressure,": J' S! _. d9 j) p9 \& j9 ]
said Robert Hogue, senior economist, RBC. "While housing affordability is& S6 v0 e- U7 V v
improving as the correction process runs its course. RBC's affordability# s; {. u1 K# f- O; n
measures for the province are still at levels far off historical averages." @3 T5 c* L/ E7 C
RBC notes that the sharp rise in unemployment since last summer is; X8 d& L6 { A1 I2 p9 p
worrying households in the province and weighing down demand for housing,( n9 l' Z/ \4 r" ?, O
which runs well short of available supply. Such weak market conditions have
2 ^' u0 k. Q" r# K) D5 m+ w% csustained the declining trend in prices for both existing and new homes.
( }2 G* O3 l; g$ S, [ The RBC Affordability measure for British Columbia, which captures the
+ Z# W0 ~* \ C7 s0 v* x( kproportion of pre-tax household income needed to service the costs of owning a
' V7 V4 M ]1 k! Q$ `home, improved across all housing segments in the last quarter of 2008.
1 R7 I# {! k3 J3 V* BAffordability of detached bungalows in the province moved to 66 per cent, the0 O0 X7 \ Q& k9 x$ y* Z! K+ f1 f
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and/ l% r# c& _1 \7 J( i j
the standard two-story home to 73.7 per cent.
% l& N( n7 Y) i According to the report, there are signs that the B.C. housing markets$ l% O- x* }$ k0 ?& V
may be stabilizing as sales of existing homes appear to have bottomed out in( H9 ]5 k/ \1 I3 l. y: C
the closing months of 2008 and the first two in 2009 - although at
% J9 F% @0 i+ L: M0 {historically depressed levels.
' |8 N$ w: P9 [$ u2 u Despite sharply declining house prices and lower mortgage rates, the cost X. H1 C3 c, ?6 e; w
of homeownership in Vancouver is still the highest in the country. House, j; @$ d) z+ A, y8 }" ^0 Q& w
prices continue to rapidly decline and pricing power remains firmly in the
/ Y' B7 ~$ g5 ^0 p2 thands of buyers with the sales-to-new listings ratio at historical lows. "This
" t7 x& V* K; r- cenormous imbalance suggests that prices will likely further correct in the
6 a1 ^' C, c# c/ Y3 H" bmonths ahead," added Hogue.
* U9 u3 F+ k4 S RBC's Affordability measure for a detached bungalow for Canada's largest
7 t; r! a" z% K2 ~% e& J: wcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
! d/ L: _: f/ A' f) v42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
8 X: d, K5 s$ `6 A6 m7 g5 m The report also looked at mortgage carrying costs relative to incomes for
2 s8 q* W! d, \a broader sampling of cities across the country, including Victoria. For these k1 H, I. Y1 i: M/ Z2 S* V# s
cities, RBC has used a narrower measure of housing affordability that only
! T c5 @( c7 c8 @0 S7 htakes mortgage payments relative to income into account.: w, A; J5 Z3 p I# p' A
The Housing Affordability measure, which RBC has compiled since 1985, is
3 @% F0 M4 f# j' Hbased on the costs of owning a detached bungalow, a reasonable property3 t H7 s8 E) g, P6 d4 W0 q& A5 f
benchmark for the housing market. Alternative housing types are also presented7 y+ d% b# ~$ Z7 B# ?: Z
including a standard two-storey home, a standard townhouse and a standard
9 J; u; n% D1 e/ @7 Dcondominium. The higher the reading, the more costly it is to afford a home.& S8 S4 I+ i6 r* } X ]5 r
For example, an Affordability reading of 50 per cent means that homeownership
% ?& Y8 c; d6 zcosts, including mortgage payments, utilities and property taxes, take up 50
+ K6 u( H0 c" g5 Rper cent of a typical household's monthly pre-tax income.) C2 S, A; \$ W. |( V! k! m' E1 c
* I: j5 v# d0 S6 j/ ] <<
4 r1 A v* y+ k/ h: y$ C Highlights from across Canada:$ y' {6 i* A% _- [
/ R$ K' r) ?3 W" e3 }! ?- l n) B0 l
- Alberta: Since last fall, the declining Alberta economy has2 p4 {' t( B7 \( V# \, r
intensified the downdraft on the province's housing markets, causing4 G [7 [9 O* w! M- p3 M0 ~0 t# ]
home resales to drop to a 12-year low at the end of 2008 and rebound. v3 g# O- c4 x% g& z' j" w( V
only modestly since. Affordability has been on an improving track, e# V l/ ?4 |% Z* ~
since about the middle of 2007.+ X. J4 C3 R" O$ g# w7 W
- Saskatchewan: Market activity has cooled considerably from the
. R/ D3 c7 P$ o frenzied pace from 2006 to early 2008 and prices have begun to7 n3 C$ J8 C2 r0 f- t
decline. Nonetheless, economic and demographic fundamentals are still9 }- a7 D4 S, Y! k
largely supportive of the housing market and overshadow extremely% \/ m, q0 S) `) O3 u9 d( ?
poor affordability levels.8 P& _& m6 F% D3 J8 w. F* ^
- Manitoba: Manitoba's housing markets have fared much better than the$ {( \) f7 ?/ R% [" |% f7 `1 M S' p0 J
vast majority in Canada: resale activity has slowed moderately and6 E8 a5 ^2 U3 r
prices have either held their own or edged down just slightly.( a( Y( J: Z4 \; O6 O q# `
Affordability has been kept out of the danger zone, helping to* M6 x, h8 t; u0 W; c
minimize any downside risks.3 g: H; W3 v' D4 @8 e- N; e
- Ontario: With the recession pounding many communities, housing market* B7 r+ y" u6 g( V7 s3 B |
conditions have deteriorated considerably. However, the impact is
$ o L( \/ j, b! d5 _0 [4 T unlikely to develop into an all-out rout similar to that of the early7 @/ f. n5 f; U. w7 R( {2 m
1990s. Affordability, while still causing some stress, is quickly
; P" z% {# X1 q being restored to levels closer to long-term averages.$ b$ ^2 Q5 U& @. J/ q
- Quebec: The province's housing markets have been among the last in }$ L6 _. o9 F0 K/ d* u
Canada to yield to the weakening trend. The main sign of cooling thus6 o C2 j+ e! v3 x0 x8 E8 f& L
far has been a drop in resale activity, as prices have held up
: I+ ^; h& p, z* F. [" ? reasonably well. Some of the persisting market strength can be: y/ Q" i, G- l% ^
ascribed to sensible affordability levels, which had eroded only- E5 A' X# O# h% w# V4 u s
modestly in recent years.
8 B' C3 L/ d/ e9 q$ F& ? - Atlantic region: Markets have largely remained stable against the
+ w7 A! |5 s- b" j1 H4 o# C general housing downturn, with St. John's becoming the housing hot
; b7 k. V# c7 Z7 M4 E' g4 M% U$ r spot in Canada and Halifax and Saint John maintaining steady upward
3 K) K( K& U* f+ L8 U( i price momentum. The region is benefiting from improving affordability
0 h/ l5 {; J6 d4 [ following two years of deterioration.: s! m) v/ W# _& K
>> |
|
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
