 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
) ~( Y6 p6 y, J# G: y$ I1 F5 ] TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the4 J2 _! u. A: L6 ]0 p8 o
middle of a significant correction that is partly reversing the extensive. j" G) t3 k# M& f
gains of recent years and which is helping restore affordability conditions,
& o1 D9 K$ t1 \: m. g5 X5 naccording to the latest housing report released today by RBC Economics.
: k8 c, Q( F [: P6 X/ S, ~ "The province's housing markets remain under heavy downward pressure," u$ _& M+ C9 H' x+ ? f! g
said Robert Hogue, senior economist, RBC. "While housing affordability is6 E; ^% j4 p* N2 A
improving as the correction process runs its course. RBC's affordability
4 C' t& Z8 |. U( I* emeasures for the province are still at levels far off historical averages."3 O4 M* H) D0 E" O" S ], b J
RBC notes that the sharp rise in unemployment since last summer is/ _9 ?: `+ T7 d/ \$ G, l4 m
worrying households in the province and weighing down demand for housing,
& V) }0 B+ D8 kwhich runs well short of available supply. Such weak market conditions have
# c$ b/ d; H: z/ y( d6 i- c: Fsustained the declining trend in prices for both existing and new homes.: P6 R( `* i$ Y! x0 e+ ^. A C
The RBC Affordability measure for British Columbia, which captures the
# d$ s/ g2 L6 l! [0 sproportion of pre-tax household income needed to service the costs of owning a
; I6 g9 ]( l$ U( F8 x+ G" U+ Vhome, improved across all housing segments in the last quarter of 2008.
" t: M% c) i. tAffordability of detached bungalows in the province moved to 66 per cent, the
+ T: }- m9 C7 Tstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
C2 f' R9 r- s9 i: {; p' h. ythe standard two-story home to 73.7 per cent.- a8 k/ E/ f1 d4 p$ Z+ Z! ]
According to the report, there are signs that the B.C. housing markets0 R' D3 v5 W, B2 M1 n
may be stabilizing as sales of existing homes appear to have bottomed out in
: G; W- D; O, `1 Athe closing months of 2008 and the first two in 2009 - although at
8 ^2 t! _6 Q/ F, ihistorically depressed levels.
3 d) S1 J6 W7 \* o+ g' }1 ^ Despite sharply declining house prices and lower mortgage rates, the cost
( x# ^ w6 h* p% wof homeownership in Vancouver is still the highest in the country. House
5 H, `+ d# @% k. Q, c, Wprices continue to rapidly decline and pricing power remains firmly in the* P# k9 F0 x( N" o7 A2 m
hands of buyers with the sales-to-new listings ratio at historical lows. "This+ T2 k. r* \$ \$ {+ T. g) |% g
enormous imbalance suggests that prices will likely further correct in the1 j2 `! V; r/ L& c% r W: y5 E
months ahead," added Hogue.
; c: f4 N1 u- h, M" R( A RBC's Affordability measure for a detached bungalow for Canada's largest7 p1 b a6 ?1 u, g& R
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary5 b; _' A# B- q W
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
) \# E3 w' C/ c# N: G( ?9 v The report also looked at mortgage carrying costs relative to incomes for# r: N9 k. S- ^$ F4 T1 e
a broader sampling of cities across the country, including Victoria. For these
7 T7 P' H% z" S& kcities, RBC has used a narrower measure of housing affordability that only
! j1 w- H3 k0 X" h- ltakes mortgage payments relative to income into account." E# I, p; a" h6 b; Y( W; `# L9 @
The Housing Affordability measure, which RBC has compiled since 1985, is. h! e2 }& i2 L0 z- ?
based on the costs of owning a detached bungalow, a reasonable property
, h$ t2 m7 Q7 p4 X- ibenchmark for the housing market. Alternative housing types are also presented
5 K4 V1 X9 f+ W# Y& Yincluding a standard two-storey home, a standard townhouse and a standard
# e4 H+ w$ o5 Ccondominium. The higher the reading, the more costly it is to afford a home.2 y5 B9 S: c% m0 V6 |
For example, an Affordability reading of 50 per cent means that homeownership
; L# p b) \; J& t# y kcosts, including mortgage payments, utilities and property taxes, take up 50
$ c8 [. Q8 c6 p( D; _0 T6 zper cent of a typical household's monthly pre-tax income.- Z4 C& S3 G0 P2 d3 m* V
) Q7 j# |; w) @4 q2 b% C' A/ C4 u9 F3 [
<<$ I$ U5 L1 G- A$ x1 i- R5 J! a. t" l
Highlights from across Canada:* q( r2 Z0 D! l4 l% {5 J! c
' N3 J4 U! U+ b Q" y( s, W, V - Alberta: Since last fall, the declining Alberta economy has
* W" M# Y1 o' L0 c. c intensified the downdraft on the province's housing markets, causing1 b3 z! P x5 U0 O0 N
home resales to drop to a 12-year low at the end of 2008 and rebound4 I- N/ T$ S; q& ]) ]/ G1 |: F" a
only modestly since. Affordability has been on an improving track+ _) k9 l" [4 W7 T1 k, w7 M* R
since about the middle of 2007.
) I! k# w" p; D& K: ` - Saskatchewan: Market activity has cooled considerably from the2 e$ a! l5 @$ ? ~
frenzied pace from 2006 to early 2008 and prices have begun to
$ N! I ]/ f: K! K" M decline. Nonetheless, economic and demographic fundamentals are still
; g; S% f5 N; r* ~" U largely supportive of the housing market and overshadow extremely
# x2 Z y- }, n& u poor affordability levels.- }: G" x2 H! z3 Q j
- Manitoba: Manitoba's housing markets have fared much better than the
. w3 A" N' Y: x$ j vast majority in Canada: resale activity has slowed moderately and
7 l; L3 |7 [ [3 R prices have either held their own or edged down just slightly.
( ^$ ^7 L1 U' G( e1 B9 E( E/ z Affordability has been kept out of the danger zone, helping to4 G( u2 B. U/ p- M: l& p4 k
minimize any downside risks.
# H( o% R8 I' Y8 ~; [/ y, @1 l! t" z - Ontario: With the recession pounding many communities, housing market
3 q; P2 i8 F2 L* p9 I( V conditions have deteriorated considerably. However, the impact is9 j/ Q, N( ~; ~/ T! }
unlikely to develop into an all-out rout similar to that of the early" T& ^& I8 ]1 ~+ ~
1990s. Affordability, while still causing some stress, is quickly7 m( M8 {' H1 }; k5 H5 ^/ R
being restored to levels closer to long-term averages./ J7 c) n% \3 q, u7 {, T% _
- Quebec: The province's housing markets have been among the last in: k$ n; w0 s1 y2 L3 s& V& i
Canada to yield to the weakening trend. The main sign of cooling thus
' [7 x/ {. N) J/ p% ]2 w far has been a drop in resale activity, as prices have held up
8 g8 l7 {3 T0 h7 \4 J4 j reasonably well. Some of the persisting market strength can be3 |4 w3 m: I7 D5 s
ascribed to sensible affordability levels, which had eroded only
* G+ S+ v: m' W modestly in recent years.: V, P3 [' [$ q+ a4 f! ^
- Atlantic region: Markets have largely remained stable against the: t! U# A% [& z6 c1 |
general housing downturn, with St. John's becoming the housing hot
6 `. o0 ^! J7 A' T6 }) D) s spot in Canada and Halifax and Saint John maintaining steady upward- J6 T7 i# c7 ~) i
price momentum. The region is benefiting from improving affordability
. f8 r/ x9 z* g2 Y following two years of deterioration." R* M9 q; q5 N! J6 p& u- `1 Z
>> |
|
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
