 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
% p8 x7 [# X, ~$ h) _ TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
% d I( m$ H8 o" zmiddle of a significant correction that is partly reversing the extensive
% P1 X$ M! n. p" mgains of recent years and which is helping restore affordability conditions,4 ]! n* Y1 m0 @- M( i) g3 T
according to the latest housing report released today by RBC Economics.
" Y- n6 ^ n( j+ m w2 X( T. @ "The province's housing markets remain under heavy downward pressure,"7 C- ^! S8 y9 Q2 N
said Robert Hogue, senior economist, RBC. "While housing affordability is
1 v* `5 ^, r3 M# J! o2 K5 Mimproving as the correction process runs its course. RBC's affordability; W k/ k: C0 a$ O5 Q
measures for the province are still at levels far off historical averages."
j: `% \' x/ u1 W& ^* g$ a RBC notes that the sharp rise in unemployment since last summer is
% I. F( m7 a9 y: nworrying households in the province and weighing down demand for housing,8 c" w( e1 q- O$ l3 C3 r) H5 Z5 K
which runs well short of available supply. Such weak market conditions have
+ v0 {: ]/ {; u: Psustained the declining trend in prices for both existing and new homes.
9 E1 s( s" i; _; U5 F ^$ o% q/ P The RBC Affordability measure for British Columbia, which captures the
% d4 w9 i; z6 v" G$ o) U6 |proportion of pre-tax household income needed to service the costs of owning a+ V7 F) a( j, b. }9 ^
home, improved across all housing segments in the last quarter of 2008.
( s+ O, m9 X" b: ~, L( [. {, S2 {Affordability of detached bungalows in the province moved to 66 per cent, the
& [# ], l2 q' {4 O9 X! Z/ n! ystandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
% p2 x$ O2 v( _0 d3 }the standard two-story home to 73.7 per cent.
& \3 V* B! W4 r/ J& `" `! [) m5 z According to the report, there are signs that the B.C. housing markets2 C; E" I0 g: u+ f, _
may be stabilizing as sales of existing homes appear to have bottomed out in
) m) w }8 \8 a% ~$ ^! u: lthe closing months of 2008 and the first two in 2009 - although at
; u4 n" b7 G; Z7 H) E: b3 Bhistorically depressed levels.. m) k; P2 p( |- s% m8 E. o6 f- o
Despite sharply declining house prices and lower mortgage rates, the cost) ~0 H, u v. z- N0 E. Q$ M
of homeownership in Vancouver is still the highest in the country. House
2 R8 u# \- X+ Uprices continue to rapidly decline and pricing power remains firmly in the8 A; W W( w7 l& s
hands of buyers with the sales-to-new listings ratio at historical lows. "This
$ J+ k' Z1 U- s1 n, Y+ i7 Menormous imbalance suggests that prices will likely further correct in the; W1 X; Z( k, Q
months ahead," added Hogue.# Z- ^/ W% f9 ^
RBC's Affordability measure for a detached bungalow for Canada's largest% h& }% q( x1 h2 M: H+ Z
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary) t/ G& O- a; L2 b8 m$ k- a
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
) Z: p0 C% H' D X/ N7 I2 P The report also looked at mortgage carrying costs relative to incomes for; n8 S7 w) i l( c" j' g5 S/ r
a broader sampling of cities across the country, including Victoria. For these4 c- U0 f* `( c8 K3 V5 ]) g
cities, RBC has used a narrower measure of housing affordability that only
! Z. r2 s1 E- X' n2 E' ]takes mortgage payments relative to income into account.
# O2 c; l' D9 S( C9 L# o The Housing Affordability measure, which RBC has compiled since 1985, is+ Z- |: A4 p, [% z
based on the costs of owning a detached bungalow, a reasonable property
# `" q3 K. o: L- kbenchmark for the housing market. Alternative housing types are also presented
1 n+ z: T1 R$ q* A. X: h! e F% jincluding a standard two-storey home, a standard townhouse and a standard
* s# S$ P" s: Wcondominium. The higher the reading, the more costly it is to afford a home.
% W0 I% q+ {/ h; `" SFor example, an Affordability reading of 50 per cent means that homeownership
1 G) _$ ?9 ^4 p# ~2 W0 }5 U, ?costs, including mortgage payments, utilities and property taxes, take up 50
8 L% ^/ m/ ]" K( e [9 n( w; y/ Aper cent of a typical household's monthly pre-tax income.$ H5 | b4 D! `7 S
; M0 P+ t1 x; w* O4 {+ H3 ]
<<
% y! o0 B" \+ S5 K* r- q. H Highlights from across Canada:
3 p1 I7 \* S1 q9 d4 z% s
2 b6 E7 s6 a3 h% O - Alberta: Since last fall, the declining Alberta economy has+ @2 C0 d; I2 n+ i
intensified the downdraft on the province's housing markets, causing
+ b' H. e$ Z2 \: B home resales to drop to a 12-year low at the end of 2008 and rebound6 o7 F1 t8 }# ^+ z
only modestly since. Affordability has been on an improving track
K0 a8 \3 ?2 b/ J. }) X" y# S# c since about the middle of 2007.
& `9 ?. h) l8 G; | - Saskatchewan: Market activity has cooled considerably from the% o \ ^* b0 V% h1 c, M
frenzied pace from 2006 to early 2008 and prices have begun to( o7 b9 r/ ]$ S% a2 @4 W
decline. Nonetheless, economic and demographic fundamentals are still/ C0 K( G( ?* o' y2 R' P! r6 {, q$ |
largely supportive of the housing market and overshadow extremely& \8 o5 B5 `. t% j
poor affordability levels.8 X( y; q+ K: G, M! T4 Y
- Manitoba: Manitoba's housing markets have fared much better than the( S) ^: u# i( W- }
vast majority in Canada: resale activity has slowed moderately and+ K' S* c* {, H0 F, n8 ?
prices have either held their own or edged down just slightly.2 R& x, f" ^4 K4 z" Z
Affordability has been kept out of the danger zone, helping to
$ \; _ w1 I& V5 p! d minimize any downside risks.
% h6 A5 @% C8 U) R' Q$ m - Ontario: With the recession pounding many communities, housing market1 N* T" Y/ v: W2 c! W
conditions have deteriorated considerably. However, the impact is5 S, f5 S) ]4 }5 ^
unlikely to develop into an all-out rout similar to that of the early5 u/ ^2 i: e+ F/ @7 P
1990s. Affordability, while still causing some stress, is quickly
8 v/ S3 M1 z( p% o5 L1 O being restored to levels closer to long-term averages.3 |0 z, G8 R- D2 E
- Quebec: The province's housing markets have been among the last in6 v v" b$ N5 n* t
Canada to yield to the weakening trend. The main sign of cooling thus" u5 s4 Z, r8 R: l1 k. [3 U9 L5 H
far has been a drop in resale activity, as prices have held up# [; Q$ U6 C( Y; f% j7 j6 U
reasonably well. Some of the persisting market strength can be
# D: V2 X. @) K# i ascribed to sensible affordability levels, which had eroded only, I% ^4 H7 d0 Q) b h
modestly in recent years.
/ k$ Z- Z; H6 F" w; o& R% Q0 t - Atlantic region: Markets have largely remained stable against the
: k4 n" A4 k: ?5 j8 j general housing downturn, with St. John's becoming the housing hot0 \" Z) `$ Q {5 T T
spot in Canada and Halifax and Saint John maintaining steady upward
# ~( d* T$ K! |. L2 q d% M. | price momentum. The region is benefiting from improving affordability
8 a- l2 P' h8 n2 Y: a following two years of deterioration./ t+ ?+ A$ S1 Y7 v6 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
