 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
F# `; O0 M( }* _) y4 u8 ]0 q! m6 e TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the) @3 {) W" E2 W* n! t" I/ F
middle of a significant correction that is partly reversing the extensive
* y: t" s; T: s1 U3 W4 L0 w8 wgains of recent years and which is helping restore affordability conditions,
0 m+ M9 f7 N) B/ G% {' gaccording to the latest housing report released today by RBC Economics.) G; y. |+ |: s6 w& m
"The province's housing markets remain under heavy downward pressure,"& z8 Y8 h t% ?" Z8 U
said Robert Hogue, senior economist, RBC. "While housing affordability is
3 S5 U. T* l6 ^; Dimproving as the correction process runs its course. RBC's affordability$ }6 @$ c, ?" c' x5 m
measures for the province are still at levels far off historical averages."
6 f7 p$ [ ?2 v6 }$ M RBC notes that the sharp rise in unemployment since last summer is' m% z- D0 R, B( \3 n
worrying households in the province and weighing down demand for housing,' c' d6 l: @8 T0 j2 N7 p- \
which runs well short of available supply. Such weak market conditions have c: R" w4 D8 Z2 {
sustained the declining trend in prices for both existing and new homes.
_! ~: s; F% I; X F# g The RBC Affordability measure for British Columbia, which captures the. _7 m( I% k _( R5 \8 E0 u% K
proportion of pre-tax household income needed to service the costs of owning a% e/ Z2 L/ o A
home, improved across all housing segments in the last quarter of 2008.8 O9 ?. m2 y0 I1 K% [, C" _
Affordability of detached bungalows in the province moved to 66 per cent, the" a4 J+ p; `" O* Y
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
, V' {" ]: H: z: d g) M( t0 mthe standard two-story home to 73.7 per cent.' v0 H# A: ?/ M7 f5 K
According to the report, there are signs that the B.C. housing markets
1 Z4 r; F" l. ?# \2 }- Omay be stabilizing as sales of existing homes appear to have bottomed out in
5 u; G* u6 o7 A% q$ ~the closing months of 2008 and the first two in 2009 - although at
: [3 K3 k: I* S' ]historically depressed levels.6 |1 x/ u0 [4 B: N* f
Despite sharply declining house prices and lower mortgage rates, the cost" W3 @* d2 i! N: R
of homeownership in Vancouver is still the highest in the country. House
# v+ l- i! B6 U2 gprices continue to rapidly decline and pricing power remains firmly in the
; v( P, m& J9 U2 r) @: @, Ghands of buyers with the sales-to-new listings ratio at historical lows. "This' d* r' K5 {3 y3 v9 o. P, ^: [+ F
enormous imbalance suggests that prices will likely further correct in the# P! o1 C; l( j
months ahead," added Hogue.
- m7 n, C$ a8 U) I/ }; c RBC's Affordability measure for a detached bungalow for Canada's largest$ s) ?, {. x, l1 F0 z
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
* t" u4 q/ g9 u: _& c42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
* J! w$ X+ h b7 _( ~ The report also looked at mortgage carrying costs relative to incomes for6 c( e$ ?! {8 w3 O+ r0 y# ~ J
a broader sampling of cities across the country, including Victoria. For these
1 ?" l, u( V5 lcities, RBC has used a narrower measure of housing affordability that only8 s! I+ ~) H" d1 z: c: N
takes mortgage payments relative to income into account.
5 n# {8 u5 \3 P& H, ` The Housing Affordability measure, which RBC has compiled since 1985, is
$ |1 @5 e2 q( E8 U( obased on the costs of owning a detached bungalow, a reasonable property
- Z( }* K0 o3 G5 Q$ f; R7 p/ Fbenchmark for the housing market. Alternative housing types are also presented% z8 e& U+ x8 q
including a standard two-storey home, a standard townhouse and a standard
% h" H" E: `* D. b& M: _1 dcondominium. The higher the reading, the more costly it is to afford a home.
( r' }' [: _+ r. LFor example, an Affordability reading of 50 per cent means that homeownership' H- t) t1 K$ Y. j: N" f3 C
costs, including mortgage payments, utilities and property taxes, take up 502 w7 Z2 L$ d7 y- F$ ? G4 L; U/ U
per cent of a typical household's monthly pre-tax income., _5 H& e% J6 t# Y* }
' F: `, X7 p7 b' L5 z, p; u* D
<</ _' n+ o2 {& G6 f* j
Highlights from across Canada:# R; B1 F( L4 g" x$ C
7 J+ w7 r6 |' [! j ]
- Alberta: Since last fall, the declining Alberta economy has" S* h3 `4 c9 e4 j
intensified the downdraft on the province's housing markets, causing+ J) Y% v: [: q- n5 v7 C! z0 S
home resales to drop to a 12-year low at the end of 2008 and rebound5 l4 J6 e! ?9 U/ q
only modestly since. Affordability has been on an improving track
- C2 y: M0 |( ] since about the middle of 2007.( @+ o! I7 |) p" i ^. ~# A
- Saskatchewan: Market activity has cooled considerably from the( _9 n! o& g+ F* N4 ]
frenzied pace from 2006 to early 2008 and prices have begun to# Z; m) Y3 B+ M
decline. Nonetheless, economic and demographic fundamentals are still
5 R5 W; e7 E# I8 y: n3 X largely supportive of the housing market and overshadow extremely4 H8 v, d: Y& l; S
poor affordability levels.' _& [% H( l: l) }+ L
- Manitoba: Manitoba's housing markets have fared much better than the
! \ z: X/ O8 I; |2 `% V4 N: I vast majority in Canada: resale activity has slowed moderately and4 e W6 M2 ]* o& k1 P7 B
prices have either held their own or edged down just slightly.; N3 ?3 U" i) v( I- i0 t
Affordability has been kept out of the danger zone, helping to, q G! k5 w: j' `7 q- R
minimize any downside risks.
& @" p* m a) E/ P6 B1 B/ w9 j - Ontario: With the recession pounding many communities, housing market
8 g4 C1 W. m* q- L conditions have deteriorated considerably. However, the impact is
: T7 d7 @9 p/ e; g% P1 k# K unlikely to develop into an all-out rout similar to that of the early
3 l) B0 z, f4 ~- Y7 y7 L; S 1990s. Affordability, while still causing some stress, is quickly. V7 P o2 U3 A
being restored to levels closer to long-term averages./ z L+ V+ \/ b/ K
- Quebec: The province's housing markets have been among the last in
) b7 m; |8 {) t. v* r Canada to yield to the weakening trend. The main sign of cooling thus' M( o) g) E! ?
far has been a drop in resale activity, as prices have held up
7 W8 m$ X& M& ^) E: r+ ~ reasonably well. Some of the persisting market strength can be
; D& u3 T1 V' A* } ascribed to sensible affordability levels, which had eroded only f" D7 W& `8 [8 r- T# w: {
modestly in recent years.
# v! S$ ^# K% f5 Q1 G - Atlantic region: Markets have largely remained stable against the3 g9 @ v6 d6 d- \
general housing downturn, with St. John's becoming the housing hot
a, G: ?: Z, X: l4 E( v1 ]! B spot in Canada and Halifax and Saint John maintaining steady upward# X/ ?2 w1 |3 Q( h- y! L
price momentum. The region is benefiting from improving affordability
# l( g/ D8 j x5 P o: S following two years of deterioration.
- G2 O6 y, f1 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
