 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC " l6 |$ h0 D1 F* D- O- {
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the; W) b, \4 S& Q0 `# N
middle of a significant correction that is partly reversing the extensive
- c8 j F0 u; [) A; [gains of recent years and which is helping restore affordability conditions,
2 L4 d0 u/ ~1 b( g: i4 m! F, i, Raccording to the latest housing report released today by RBC Economics.
! A1 @3 f0 |/ |4 ~: s3 k "The province's housing markets remain under heavy downward pressure,"+ C+ b$ q! _7 F+ O, V$ ^, z3 U
said Robert Hogue, senior economist, RBC. "While housing affordability is3 |: h( j- |! z4 ? f
improving as the correction process runs its course. RBC's affordability4 z4 P" I/ S4 n" d8 ~$ W# b
measures for the province are still at levels far off historical averages."% m. ~( g0 K$ i8 D
RBC notes that the sharp rise in unemployment since last summer is6 J& S* W! }0 |; O
worrying households in the province and weighing down demand for housing,
& R9 u& X$ J5 a5 Fwhich runs well short of available supply. Such weak market conditions have3 r* Y& A5 R0 X
sustained the declining trend in prices for both existing and new homes.
' E7 g5 ~1 ~4 \ The RBC Affordability measure for British Columbia, which captures the) U* `3 j! ]3 Y2 O& f1 H0 |1 r
proportion of pre-tax household income needed to service the costs of owning a
. d* N9 g1 z1 Z% Jhome, improved across all housing segments in the last quarter of 2008.$ X0 ^# Z% g# `: v
Affordability of detached bungalows in the province moved to 66 per cent, the
' N9 I6 i' T( G- D2 b3 E: L' jstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
6 S$ x- C& v0 _0 w' C- athe standard two-story home to 73.7 per cent.1 m% G* s) k1 v
According to the report, there are signs that the B.C. housing markets5 m' j+ n$ V8 v- W9 w
may be stabilizing as sales of existing homes appear to have bottomed out in
! B! V3 F5 w- t+ P6 w+ h- ?: N% Bthe closing months of 2008 and the first two in 2009 - although at$ V: r8 R) I6 i$ H( v
historically depressed levels.
$ z: q; ^- M# i7 X' ^! u: O Despite sharply declining house prices and lower mortgage rates, the cost4 H' A2 s/ |4 J4 \: M
of homeownership in Vancouver is still the highest in the country. House, U6 z; \0 q9 f s; v, j
prices continue to rapidly decline and pricing power remains firmly in the
0 _8 r Q& X$ g( N# Ohands of buyers with the sales-to-new listings ratio at historical lows. "This- y1 ^1 F# @- \* B% W) u& d
enormous imbalance suggests that prices will likely further correct in the) g6 n' v8 S4 ?3 M$ i/ x& W7 u
months ahead," added Hogue.
; o. W7 C6 w8 g RBC's Affordability measure for a detached bungalow for Canada's largest3 J# v4 W7 [& Q/ u1 V
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary4 a2 X2 Q- B, j, X" z& t- V" j
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.* E a( T. E. x; I
The report also looked at mortgage carrying costs relative to incomes for
* N4 r$ j6 S; O4 ]3 }6 S' qa broader sampling of cities across the country, including Victoria. For these. y7 l) Y9 O5 V4 K: I, d4 }
cities, RBC has used a narrower measure of housing affordability that only& }" N1 q' I3 Y% H! Y& Y
takes mortgage payments relative to income into account.) B6 c4 L# k% l) v+ X A
The Housing Affordability measure, which RBC has compiled since 1985, is
7 s% `! w) n7 m1 C% t8 V* jbased on the costs of owning a detached bungalow, a reasonable property X3 }) m6 {6 t# o. |
benchmark for the housing market. Alternative housing types are also presented
" S9 n1 A. w; |# X' ~! h7 t/ `+ {2 Yincluding a standard two-storey home, a standard townhouse and a standard- Y: f( M# C) B5 a; f8 S
condominium. The higher the reading, the more costly it is to afford a home.
( i$ e0 c( \, W) F+ V0 v) p7 LFor example, an Affordability reading of 50 per cent means that homeownership# e$ G r) }/ ~
costs, including mortgage payments, utilities and property taxes, take up 50
7 \, L5 Y! {; [* uper cent of a typical household's monthly pre-tax income.! G6 y: ~/ E( [$ [- Q( u. ?0 t+ l
( I/ G3 ^5 T3 A! ~) q; A
<<
+ R2 u& O7 Q, B4 o L; X Highlights from across Canada:
2 S; K' ]5 x. F [8 E# C$ R
# u% z' e8 f5 q" ~ - Alberta: Since last fall, the declining Alberta economy has2 |9 M2 [8 T5 `2 ?
intensified the downdraft on the province's housing markets, causing
% A' x$ N$ D+ | home resales to drop to a 12-year low at the end of 2008 and rebound/ J% E+ ]5 q8 f4 a w! W" m$ c& ~
only modestly since. Affordability has been on an improving track: }' R' C, m* d2 n$ _
since about the middle of 2007.
" r8 I, @' z( U8 G& E1 c - Saskatchewan: Market activity has cooled considerably from the
. ?3 O- X4 P# N+ f* r' i frenzied pace from 2006 to early 2008 and prices have begun to$ n: L' a3 x8 X* k, F: e
decline. Nonetheless, economic and demographic fundamentals are still& P V' F1 \ s4 n; }4 G
largely supportive of the housing market and overshadow extremely
% E& d3 P, a$ Z2 S) q8 B! j poor affordability levels.
: W/ \* u! ?; B5 e - Manitoba: Manitoba's housing markets have fared much better than the: j1 \# F" M6 J# b3 }+ W2 z% a
vast majority in Canada: resale activity has slowed moderately and3 N+ i+ m: c7 k' M
prices have either held their own or edged down just slightly.
# E- |1 _5 K+ I6 u% b8 ~# Y; u Affordability has been kept out of the danger zone, helping to
0 L2 T; O- o0 y) U minimize any downside risks. P1 X, F/ r F* Y9 b
- Ontario: With the recession pounding many communities, housing market4 K$ i5 {5 G0 b y; N; n
conditions have deteriorated considerably. However, the impact is
3 b5 \% ~0 F5 W5 b unlikely to develop into an all-out rout similar to that of the early3 ]' O1 w/ F% w
1990s. Affordability, while still causing some stress, is quickly
' m/ a( M9 v! z6 D. ~ being restored to levels closer to long-term averages.7 n; A3 J3 v' j, O
- Quebec: The province's housing markets have been among the last in
0 C8 U! A1 Y( X' t/ ?4 f0 u" d Canada to yield to the weakening trend. The main sign of cooling thus5 z4 F1 F* K; ?% P: O0 ]/ D5 Z% q+ d
far has been a drop in resale activity, as prices have held up
/ C) p% A) ^4 L0 M reasonably well. Some of the persisting market strength can be
) _/ V: Q5 E" P" h ascribed to sensible affordability levels, which had eroded only
# j6 R6 \( s# ?7 _3 {/ O0 | modestly in recent years.
, d. y1 _. x) a% h - Atlantic region: Markets have largely remained stable against the- C9 A d" }- }* r
general housing downturn, with St. John's becoming the housing hot3 |% ^8 z* S/ ?
spot in Canada and Halifax and Saint John maintaining steady upward" x" \9 F0 Q" l/ v/ _7 {4 @* w
price momentum. The region is benefiting from improving affordability
2 m% q+ R- N8 [5 D) Q* b1 f. H following two years of deterioration.8 V$ S) K( ?8 J4 `7 `
>> |
|
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
