 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
( Z1 p1 X* S6 s8 } TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the* x4 N' W5 q" V
middle of a significant correction that is partly reversing the extensive% ]5 }) L2 J3 v
gains of recent years and which is helping restore affordability conditions,
( s7 B7 r% \/ \/ faccording to the latest housing report released today by RBC Economics.( x: q" s- p- c! E$ d# }1 m# S2 U
"The province's housing markets remain under heavy downward pressure,"
. j6 A5 g2 x8 u6 y2 hsaid Robert Hogue, senior economist, RBC. "While housing affordability is# L. L5 e) ~, O9 m5 A
improving as the correction process runs its course. RBC's affordability$ I7 L. y2 S1 _8 e' J' n ^
measures for the province are still at levels far off historical averages."# k9 a2 A. d( p" x# F
RBC notes that the sharp rise in unemployment since last summer is
6 w/ H9 `/ v% [worrying households in the province and weighing down demand for housing,
' p( }# W3 U- @; U+ i) uwhich runs well short of available supply. Such weak market conditions have' @! A( R; q; Z W' `
sustained the declining trend in prices for both existing and new homes.
~7 b7 D, e, A% ?7 c, l The RBC Affordability measure for British Columbia, which captures the' N# s% Y) J; y, T# _
proportion of pre-tax household income needed to service the costs of owning a
5 e$ E7 z) H6 l, @home, improved across all housing segments in the last quarter of 2008.
6 y% V* ? ?4 E' O1 y; zAffordability of detached bungalows in the province moved to 66 per cent, the2 L- W: d* d+ f5 L" L2 |
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and; K7 Z1 r$ ^1 j) C7 k' B- B
the standard two-story home to 73.7 per cent. Y8 S; w$ {" \8 z% g3 D! t" p. j
According to the report, there are signs that the B.C. housing markets
, _! y( W, w5 H2 W' G% h! dmay be stabilizing as sales of existing homes appear to have bottomed out in; O- E, u- Q8 d2 b
the closing months of 2008 and the first two in 2009 - although at
/ n* C0 ~' d% Jhistorically depressed levels.* ?2 d4 a/ K, G5 b; D
Despite sharply declining house prices and lower mortgage rates, the cost6 m) N3 ]+ [. ?9 e* c, B% a
of homeownership in Vancouver is still the highest in the country. House9 M* b6 Y0 D* B
prices continue to rapidly decline and pricing power remains firmly in the
- |5 H& T0 j; K& r- r8 g1 i: g/ mhands of buyers with the sales-to-new listings ratio at historical lows. "This
+ [" M p8 q# d( `1 i" f! W3 ienormous imbalance suggests that prices will likely further correct in the) f" m/ d" t( V* F; {
months ahead," added Hogue.
3 Y/ ^0 @# A6 B% b2 c RBC's Affordability measure for a detached bungalow for Canada's largest
7 v1 S2 N' O+ V, h9 Icities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
f" l7 @4 ^$ k! R% Z' x42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.7 _" O, K# V) k3 l i4 z
The report also looked at mortgage carrying costs relative to incomes for; R4 U8 ^1 r3 T/ m/ d
a broader sampling of cities across the country, including Victoria. For these- m6 j( i" A r5 z* L4 b- e" l
cities, RBC has used a narrower measure of housing affordability that only% N C; t; ]& o) \
takes mortgage payments relative to income into account.
1 P+ [; H0 ]9 a L! W$ M The Housing Affordability measure, which RBC has compiled since 1985, is! G6 T! F0 N5 T4 }. a% z7 U
based on the costs of owning a detached bungalow, a reasonable property. D6 C2 c& r: c! s. Q
benchmark for the housing market. Alternative housing types are also presented* d. x; y. J9 U4 I8 o, a) @* n" t E
including a standard two-storey home, a standard townhouse and a standard
, W6 E4 Y; Q% D( V6 wcondominium. The higher the reading, the more costly it is to afford a home.
* X6 g! u# r& A5 X* P$ Q$ aFor example, an Affordability reading of 50 per cent means that homeownership& ^' F& U8 r5 P# h' q+ o. s1 d
costs, including mortgage payments, utilities and property taxes, take up 50
$ V( {" \# a6 f$ [# V, [8 }per cent of a typical household's monthly pre-tax income.
' ?" R% r% V6 N2 |& P, Z) ~
. f4 I( g5 ]4 B; [ <<
) c y) V3 V6 Z) b7 o3 m6 }; M$ \ Highlights from across Canada:# H7 F6 |& s) D$ n' Y4 b
2 T8 m( k" H# O5 K) U2 J! y
- Alberta: Since last fall, the declining Alberta economy has
( h5 |! i. U( d* D, @# O' d3 G intensified the downdraft on the province's housing markets, causing
2 s% e, x/ K0 c& y1 w9 ] home resales to drop to a 12-year low at the end of 2008 and rebound# Q- T: W( c/ R/ l
only modestly since. Affordability has been on an improving track0 h9 [2 G( N" H: E6 S. s8 @" ~
since about the middle of 2007.3 e. @- U0 y4 ^" f
- Saskatchewan: Market activity has cooled considerably from the
5 Y$ ?- w8 z3 l) Y& Z# k; a5 G' W frenzied pace from 2006 to early 2008 and prices have begun to
9 t8 N" v$ I% i$ U, Z decline. Nonetheless, economic and demographic fundamentals are still
/ @" c; M1 D4 w( E1 _$ N largely supportive of the housing market and overshadow extremely
1 w8 ^0 g4 k7 k3 @ poor affordability levels.2 P1 i9 `- \! l# h2 K" R& A( `
- Manitoba: Manitoba's housing markets have fared much better than the, B5 _$ c% {5 a
vast majority in Canada: resale activity has slowed moderately and( j7 H: w5 S$ o, u% G
prices have either held their own or edged down just slightly.
5 [6 I4 m4 D! M$ k5 h6 ` Affordability has been kept out of the danger zone, helping to7 { `# V" a% y+ R. C
minimize any downside risks." Q8 B3 G L4 Q3 @
- Ontario: With the recession pounding many communities, housing market
! l+ @ K) [' Q- q% G M+ V conditions have deteriorated considerably. However, the impact is
b$ }; X( N* q' G% t z unlikely to develop into an all-out rout similar to that of the early
6 K1 N( i$ b% r: n# l% v 1990s. Affordability, while still causing some stress, is quickly
. v. V4 v) x+ z5 i8 m A being restored to levels closer to long-term averages.& a! u ]9 S) B M6 `) c* A; Q7 F0 l7 @
- Quebec: The province's housing markets have been among the last in5 _# s2 P" ~* J- n u; t
Canada to yield to the weakening trend. The main sign of cooling thus
% u) U" z6 p1 p1 W far has been a drop in resale activity, as prices have held up
O/ t3 K/ p0 K8 e8 O reasonably well. Some of the persisting market strength can be
8 W0 w8 }/ j, ~- ]! p- S+ Q ascribed to sensible affordability levels, which had eroded only
. g; N. [9 m5 l9 F1 X modestly in recent years.
5 B) l! ~) b; W4 Y5 Z - Atlantic region: Markets have largely remained stable against the' @0 p* c* i4 |2 }: |, m
general housing downturn, with St. John's becoming the housing hot
$ P$ j( A$ M Q+ Z6 R spot in Canada and Halifax and Saint John maintaining steady upward/ p) u: Z- z% _5 n4 Z
price momentum. The region is benefiting from improving affordability3 F e) Q$ O1 C9 W5 \0 t( z- W
following two years of deterioration.! S+ ~1 o+ n0 ]1 V. s6 z# L5 ^# x+ I
>> |
|
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
