 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
" @% L, D4 y5 v: X8 @& V; w5 P TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the- Q( e% i8 `7 i$ f+ ^) \
middle of a significant correction that is partly reversing the extensive
) R; b/ b5 j1 C2 Y7 ]gains of recent years and which is helping restore affordability conditions,% m: \/ z7 J& U$ N
according to the latest housing report released today by RBC Economics.6 Q) e7 N) {4 }5 w$ X2 P
"The province's housing markets remain under heavy downward pressure,"5 a$ A) i p3 z
said Robert Hogue, senior economist, RBC. "While housing affordability is6 K( ]3 {+ E4 ~; Y. D* o
improving as the correction process runs its course. RBC's affordability
; D% Y8 B: _; l$ W- ~/ P& jmeasures for the province are still at levels far off historical averages."
( `' d0 P) F9 _" z e+ `% { RBC notes that the sharp rise in unemployment since last summer is# D/ @+ U: z$ u9 ]+ i
worrying households in the province and weighing down demand for housing,( Q# l& D9 X# ?, ^5 A1 _$ l" W" X
which runs well short of available supply. Such weak market conditions have. ]+ A3 F$ J3 A2 Z% q/ Y1 r
sustained the declining trend in prices for both existing and new homes." F# z& i. |* Y9 Z0 H9 P
The RBC Affordability measure for British Columbia, which captures the
: c; j0 \! c# @- qproportion of pre-tax household income needed to service the costs of owning a
3 o0 ^ s5 [4 `$ N* Zhome, improved across all housing segments in the last quarter of 2008.
6 h2 i% z& o h5 W y7 P8 `Affordability of detached bungalows in the province moved to 66 per cent, the
* n1 ]- }6 i1 K0 a5 K6 gstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and3 {/ q% y( k; C
the standard two-story home to 73.7 per cent.0 q3 n+ P4 f0 l8 L, d
According to the report, there are signs that the B.C. housing markets
* D* p1 d( r! G0 R3 ?may be stabilizing as sales of existing homes appear to have bottomed out in" ]7 L* L" D/ B) d1 z/ m
the closing months of 2008 and the first two in 2009 - although at
( B4 a# c; Y: `) x4 Phistorically depressed levels.% n$ U, G& F/ t& k: N1 [& q
Despite sharply declining house prices and lower mortgage rates, the cost Q3 V5 R: w1 Z8 h& M
of homeownership in Vancouver is still the highest in the country. House
8 M% z: j" W0 f9 ?: jprices continue to rapidly decline and pricing power remains firmly in the: Y+ |8 S# w6 f, ^! t% \. m
hands of buyers with the sales-to-new listings ratio at historical lows. "This+ y4 Q# {& A/ ^( L
enormous imbalance suggests that prices will likely further correct in the
$ M) R+ {4 z E1 u0 i% bmonths ahead," added Hogue.) t( f6 x% j9 i: a. H& x; k
RBC's Affordability measure for a detached bungalow for Canada's largest, d; W6 D, P. Z- b) Y" C/ l
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
: R) ~5 |. i. l2 E42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
; ?! }# m: k8 r3 z; R1 b/ k The report also looked at mortgage carrying costs relative to incomes for
. I6 p5 Z9 y/ D5 ma broader sampling of cities across the country, including Victoria. For these
7 A9 |! X- ^8 ^; j8 Bcities, RBC has used a narrower measure of housing affordability that only. ^/ }/ I% G4 F" F: R$ l
takes mortgage payments relative to income into account.( \* E6 s3 Y3 U j' R
The Housing Affordability measure, which RBC has compiled since 1985, is
) d( ~2 b" F) _based on the costs of owning a detached bungalow, a reasonable property' x z+ k% a ^8 Y" d4 O- z
benchmark for the housing market. Alternative housing types are also presented: o; [0 C8 n: E5 x- M1 [
including a standard two-storey home, a standard townhouse and a standard
2 @. a+ {+ D- U7 N% B X- hcondominium. The higher the reading, the more costly it is to afford a home.
. K B% \8 S9 z, |" EFor example, an Affordability reading of 50 per cent means that homeownership6 q/ q8 R1 H X) H
costs, including mortgage payments, utilities and property taxes, take up 50$ S4 @, J9 S# ~) b
per cent of a typical household's monthly pre-tax income." y1 \6 w" D f% p& w: G
! X0 a! S+ n& `. o' A
<</ V) ?3 V( Y; T) b* ]- b
Highlights from across Canada:
% V% y4 w7 Z# V ~/ M& ^. G) F- U3 ^, o+ l: Q. u
- Alberta: Since last fall, the declining Alberta economy has1 V7 W% F# L5 k$ O( I+ Q
intensified the downdraft on the province's housing markets, causing
5 Y6 z H0 q2 x9 ] home resales to drop to a 12-year low at the end of 2008 and rebound$ X& A7 Y% X) l& j; O
only modestly since. Affordability has been on an improving track
+ g6 j# b* S( h( Y% y* P" T since about the middle of 2007.
1 `5 {8 a- \/ u5 M/ O" e7 O( L - Saskatchewan: Market activity has cooled considerably from the
) D) B: H. w) l! p frenzied pace from 2006 to early 2008 and prices have begun to
0 o @% a4 N8 l# R6 V V J) I decline. Nonetheless, economic and demographic fundamentals are still. b- X) e$ j( a6 J* m- N
largely supportive of the housing market and overshadow extremely
& Y" ]1 _( j. W4 k8 Z poor affordability levels.$ g1 @4 a* S- E1 ~' }
- Manitoba: Manitoba's housing markets have fared much better than the, k1 m ]/ B1 e
vast majority in Canada: resale activity has slowed moderately and
4 T/ v# x! u, N/ J6 k prices have either held their own or edged down just slightly.3 B9 n! i4 u3 g7 d @& B
Affordability has been kept out of the danger zone, helping to) q d* v2 ?; }( c# }
minimize any downside risks.
- w6 K. _0 ^. c) y - Ontario: With the recession pounding many communities, housing market
" ?5 U! Y2 K, V1 @0 p0 H6 [ conditions have deteriorated considerably. However, the impact is
& N8 e5 l3 C0 c# _) c unlikely to develop into an all-out rout similar to that of the early
( [ `; `! X1 m1 |' [- H 1990s. Affordability, while still causing some stress, is quickly
/ Q# y4 A0 M1 |. C/ I- h% n- I, a being restored to levels closer to long-term averages.
9 V6 M9 s8 I3 u0 f N! I - Quebec: The province's housing markets have been among the last in' `% ~8 }7 t- L7 l
Canada to yield to the weakening trend. The main sign of cooling thus/ `! R, r" H9 X' C) U0 k* s
far has been a drop in resale activity, as prices have held up
" L- K+ B2 H/ C) w& F reasonably well. Some of the persisting market strength can be
8 C7 ~) G( A/ i8 D5 C ascribed to sensible affordability levels, which had eroded only$ N6 X4 U( ^+ r0 {" J- |
modestly in recent years.
# i7 S% E! s' N& j w1 n - Atlantic region: Markets have largely remained stable against the
4 t4 i+ d$ T, k+ T general housing downturn, with St. John's becoming the housing hot4 s! o7 z6 M- e+ @6 P
spot in Canada and Halifax and Saint John maintaining steady upward% o1 f* X1 j; }" c
price momentum. The region is benefiting from improving affordability
7 [) i- @8 C4 Y& u following two years of deterioration.3 q* ^- Q4 S' ~3 m* A: e% g
>> |
|
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
