 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
. O- p7 A7 i* q" S+ x7 o TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the. l4 W4 o" z; D7 A7 D6 l
middle of a significant correction that is partly reversing the extensive4 _2 b. P. p/ @+ G+ X* l% x
gains of recent years and which is helping restore affordability conditions,
' o0 C1 v, |; v V( Y5 Q( t; ^according to the latest housing report released today by RBC Economics., L3 F1 M" o0 Z* a1 t' J# B- t/ G
"The province's housing markets remain under heavy downward pressure,"& H5 n& }7 d. [4 W" g. T* U( w
said Robert Hogue, senior economist, RBC. "While housing affordability is& f6 X5 L+ m" {3 l
improving as the correction process runs its course. RBC's affordability8 L- l3 }/ h2 C3 e
measures for the province are still at levels far off historical averages."& p+ E( V- {1 ^
RBC notes that the sharp rise in unemployment since last summer is
) R: w& _1 b Xworrying households in the province and weighing down demand for housing," N6 h9 `4 h4 z% C0 |- C8 Q8 _+ p3 N
which runs well short of available supply. Such weak market conditions have
Q8 T, _" ~5 D& Z9 E, j# y6 `1 rsustained the declining trend in prices for both existing and new homes.
, Z$ I1 [/ b) o a$ O" k) E) m The RBC Affordability measure for British Columbia, which captures the' _1 z$ s j$ \/ [
proportion of pre-tax household income needed to service the costs of owning a
( |1 l8 t0 o) \+ d$ A- |5 H- }home, improved across all housing segments in the last quarter of 2008./ H* K( V. k# l7 b) Z& d2 c
Affordability of detached bungalows in the province moved to 66 per cent, the
5 N3 Y: |: {4 ^/ {1 i4 K: k" ystandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
, L2 S& c; t5 B) r2 e; fthe standard two-story home to 73.7 per cent.
1 z& S9 g: c* t3 t. w- h! c According to the report, there are signs that the B.C. housing markets
- X: r/ N3 x/ a6 @/ n/ q. ymay be stabilizing as sales of existing homes appear to have bottomed out in
$ r' f# j: G8 d0 ythe closing months of 2008 and the first two in 2009 - although at, F/ F( ?' a6 k; W& c a- V
historically depressed levels.
9 F8 N! I, A0 w+ L Despite sharply declining house prices and lower mortgage rates, the cost: n n5 g i& a; K% E" y" E
of homeownership in Vancouver is still the highest in the country. House
; ~: e5 _% c2 q; ^3 V* Wprices continue to rapidly decline and pricing power remains firmly in the7 }* c, L7 N; G) D+ J5 P
hands of buyers with the sales-to-new listings ratio at historical lows. "This
# [. L) I& K; |% l9 q0 Fenormous imbalance suggests that prices will likely further correct in the/ f* f4 T4 p( P7 N
months ahead," added Hogue.
9 A; [6 ^0 U5 x1 U' S; l RBC's Affordability measure for a detached bungalow for Canada's largest3 V9 S8 p6 Q# h* y
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary3 {- C: k9 `& p; {4 c$ M
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
. y+ O. O9 x z0 \% `1 I The report also looked at mortgage carrying costs relative to incomes for% e9 V* Z7 P' ] i1 |6 M2 p8 u9 ]
a broader sampling of cities across the country, including Victoria. For these _# _: z" E# g4 O. M
cities, RBC has used a narrower measure of housing affordability that only6 i% Y( _/ J9 a1 f; ]; M: U
takes mortgage payments relative to income into account.$ l7 e+ Q1 [ D" ]) v3 P4 G" U
The Housing Affordability measure, which RBC has compiled since 1985, is
: k$ P) C0 _* I( l# L' P& xbased on the costs of owning a detached bungalow, a reasonable property! ~9 e0 \! [2 g6 A' t+ {
benchmark for the housing market. Alternative housing types are also presented7 T$ g$ V, Y5 I0 z2 X( \
including a standard two-storey home, a standard townhouse and a standard N# U: G- v% L4 S5 ^7 Q1 ~8 v9 I
condominium. The higher the reading, the more costly it is to afford a home.
& N- |( t! F4 \For example, an Affordability reading of 50 per cent means that homeownership+ R# T! K+ v* c4 e
costs, including mortgage payments, utilities and property taxes, take up 50
& w6 T) Z1 [/ |8 ]# @$ Bper cent of a typical household's monthly pre-tax income.
* m- j* [5 b( O, x( z' i N: y, w# X3 _% t
<<" l7 ?8 X7 R) O2 {* U
Highlights from across Canada:+ l- u, y. f0 w+ j% l
$ t( Q8 n H( S* l3 k3 g7 \( U# u - Alberta: Since last fall, the declining Alberta economy has
( ~7 d1 s8 c1 S/ K; N intensified the downdraft on the province's housing markets, causing! I4 l% K w2 Z/ B+ q
home resales to drop to a 12-year low at the end of 2008 and rebound
% A8 z# t* A1 ]" [; ~6 c only modestly since. Affordability has been on an improving track6 q; f8 {+ p. r. q6 j Y
since about the middle of 2007./ a" P8 K2 e7 Z- z4 ?2 r
- Saskatchewan: Market activity has cooled considerably from the
$ H" A2 A% b6 l' i# T frenzied pace from 2006 to early 2008 and prices have begun to
2 K+ i5 e I/ P3 ^* v% ?! f decline. Nonetheless, economic and demographic fundamentals are still2 L. {/ D% j& M! j$ z$ V
largely supportive of the housing market and overshadow extremely
! g: {, }# i9 A) R P poor affordability levels.
& h ~2 y0 D! w a# T* { - Manitoba: Manitoba's housing markets have fared much better than the
% O% @5 ]( J \( V' Q vast majority in Canada: resale activity has slowed moderately and8 r) q* L0 a* F: ?/ i7 m
prices have either held their own or edged down just slightly.
; d9 e/ h; l3 Z* U0 I Affordability has been kept out of the danger zone, helping to
7 C% g) }# l; b2 h minimize any downside risks.
" W0 W: I3 I0 F* O( t9 P! z - Ontario: With the recession pounding many communities, housing market9 c8 Q" P# @! }1 ?) x Q; B
conditions have deteriorated considerably. However, the impact is
& Z- d) l( q* b, D; b unlikely to develop into an all-out rout similar to that of the early- f8 R! T0 a) x( x* Z
1990s. Affordability, while still causing some stress, is quickly! J6 R4 B+ g' B6 A6 y$ {7 i
being restored to levels closer to long-term averages.
9 |& x& |6 P5 K3 e - Quebec: The province's housing markets have been among the last in9 E8 I" |4 e( @; B6 E& L' r
Canada to yield to the weakening trend. The main sign of cooling thus. o9 l+ N0 G7 Z
far has been a drop in resale activity, as prices have held up' Y4 S1 P1 K, ?6 N2 ^
reasonably well. Some of the persisting market strength can be. O; @% R) X& Z
ascribed to sensible affordability levels, which had eroded only
& I8 Z1 U6 V" S6 R modestly in recent years.
- Q; _4 X6 @/ g% e0 S4 j( M8 B3 j - Atlantic region: Markets have largely remained stable against the
+ e$ X9 g) X# y. j5 R2 F2 `; C5 ?4 j general housing downturn, with St. John's becoming the housing hot2 {" r d$ @/ ], T
spot in Canada and Halifax and Saint John maintaining steady upward) _* V# G' G1 s
price momentum. The region is benefiting from improving affordability) G) h8 o' s2 R+ F" F: x- L
following two years of deterioration.6 ?4 }" E% T" b" }; u1 X- a
>> |
|
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
