 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC 8 j* U1 ~( I7 i- y
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the5 b1 p- y4 C9 ^. Q: \9 x# ^
middle of a significant correction that is partly reversing the extensive2 {1 k: y4 o- q7 B4 m( r! g4 J, x) F
gains of recent years and which is helping restore affordability conditions,, Y3 i/ F5 `- T- B+ t' K# e
according to the latest housing report released today by RBC Economics.
# v2 R" ^4 E' r7 v3 A: k6 Q "The province's housing markets remain under heavy downward pressure,"
$ U* o# G8 y' z. Ssaid Robert Hogue, senior economist, RBC. "While housing affordability is" f' a F9 x0 \6 X0 V" E' K
improving as the correction process runs its course. RBC's affordability! l# d7 Q2 [9 |+ p) d; T" Q" {
measures for the province are still at levels far off historical averages.": [: d: N; H6 b! D
RBC notes that the sharp rise in unemployment since last summer is
* H6 O$ T" i# {8 vworrying households in the province and weighing down demand for housing,- ]+ a- X# z4 k6 T
which runs well short of available supply. Such weak market conditions have" J4 U" V" Y, z0 y5 [6 Q8 x4 {9 \
sustained the declining trend in prices for both existing and new homes.. W# e' j, Q1 e! `) M
The RBC Affordability measure for British Columbia, which captures the# O/ v. k9 a( i0 ]6 h( G
proportion of pre-tax household income needed to service the costs of owning a
' R" @6 M0 Q, whome, improved across all housing segments in the last quarter of 2008.
: c$ v' z' n! Y3 J, qAffordability of detached bungalows in the province moved to 66 per cent, the- z8 w) w$ [1 i0 q; H
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and: i! o: z% ]& m
the standard two-story home to 73.7 per cent.
5 \9 Y; m9 Z% ]* r3 d3 D. n2 u According to the report, there are signs that the B.C. housing markets
3 ^7 ^/ s+ _+ O8 Amay be stabilizing as sales of existing homes appear to have bottomed out in
1 w2 I; e% E; i& sthe closing months of 2008 and the first two in 2009 - although at
1 `( _7 D3 K3 khistorically depressed levels.) v+ x# r5 [8 l( {
Despite sharply declining house prices and lower mortgage rates, the cost
/ d! d# g% e* l2 F+ W4 fof homeownership in Vancouver is still the highest in the country. House0 `8 S, R U! a( A4 u2 Q! c7 x
prices continue to rapidly decline and pricing power remains firmly in the
% r1 D9 Q" F) r s, M* Y' o" dhands of buyers with the sales-to-new listings ratio at historical lows. "This9 [7 v* B9 q, J4 _; a& G' X: @
enormous imbalance suggests that prices will likely further correct in the8 [3 ~/ Y/ w% C% g! {* j, y+ L# K& e0 p
months ahead," added Hogue.
$ y u/ ]+ |. T% m9 }( g$ W) l3 @: H0 [ RBC's Affordability measure for a detached bungalow for Canada's largest
* I1 K0 Q0 o0 C6 zcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
) ^4 Z9 @4 D7 n' I: w, E0 B) f42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
7 h5 P% H4 c% k- P0 f The report also looked at mortgage carrying costs relative to incomes for U! B# U; E% c8 E
a broader sampling of cities across the country, including Victoria. For these
6 @: O2 k$ }' h& J- |cities, RBC has used a narrower measure of housing affordability that only
) r. X" `3 i, Ctakes mortgage payments relative to income into account.
2 _: s' K3 p7 \" v1 W1 V The Housing Affordability measure, which RBC has compiled since 1985, is$ g; r9 L# @, g5 Q! L8 J
based on the costs of owning a detached bungalow, a reasonable property* c, B2 w l7 }' u0 g
benchmark for the housing market. Alternative housing types are also presented
6 m4 U' a4 _6 [& Z) iincluding a standard two-storey home, a standard townhouse and a standard8 |" z+ U& f# w; I/ v% p
condominium. The higher the reading, the more costly it is to afford a home.; h9 g' C1 C7 H8 h3 n$ n
For example, an Affordability reading of 50 per cent means that homeownership' ^4 X7 n) A2 l; z2 b: _8 J& U
costs, including mortgage payments, utilities and property taxes, take up 50
0 ?6 K! o% \1 yper cent of a typical household's monthly pre-tax income.9 R) K: }5 H' Y4 }1 B8 f% \! {: G
% \5 f4 b: M' f; U2 P
<</ _5 y p! x" p/ i5 S+ J
Highlights from across Canada:" }, b } ]' k8 S) D
2 g/ F" T3 K B4 D- Y - Alberta: Since last fall, the declining Alberta economy has
1 W! k9 F' K: Y$ C { intensified the downdraft on the province's housing markets, causing8 k# o1 O; N, Y4 O
home resales to drop to a 12-year low at the end of 2008 and rebound/ J g1 k% @0 J3 L
only modestly since. Affordability has been on an improving track
* K2 u$ h* ^6 ]. I# {' ?) ]* C( T$ l since about the middle of 2007.
* G O, \% v, r1 ?$ z1 p8 [ - Saskatchewan: Market activity has cooled considerably from the! A9 B4 U9 b; B% ~
frenzied pace from 2006 to early 2008 and prices have begun to# H x2 e/ V V" }$ ] B' N
decline. Nonetheless, economic and demographic fundamentals are still0 } O% ?$ X8 o _# v( l' t
largely supportive of the housing market and overshadow extremely, r5 b; _9 Z- K9 w
poor affordability levels.* U! `! g" d! ]. G
- Manitoba: Manitoba's housing markets have fared much better than the
$ X9 s: P; G' x' }! r vast majority in Canada: resale activity has slowed moderately and$ l+ c' o, ~5 |0 C, @ ^$ P; g
prices have either held their own or edged down just slightly.' j2 r8 \; O* d/ P) O
Affordability has been kept out of the danger zone, helping to% `" Q+ r. `; Y/ c" Z
minimize any downside risks.
1 Y( L2 k2 }# F# f( K - Ontario: With the recession pounding many communities, housing market
" I/ n6 L) `0 b% `' f/ A: r% O G conditions have deteriorated considerably. However, the impact is
! F) Q" Z% V5 M1 P- A: y unlikely to develop into an all-out rout similar to that of the early+ ^4 I$ D t" A2 n
1990s. Affordability, while still causing some stress, is quickly
1 G( x0 P w% @8 b' A ?9 W being restored to levels closer to long-term averages.4 C4 I/ l; }, F, H2 B; G
- Quebec: The province's housing markets have been among the last in
- F3 J% v9 p8 g, M( ?9 M Canada to yield to the weakening trend. The main sign of cooling thus
, t( Q& b {; l8 o: R far has been a drop in resale activity, as prices have held up
: ?: d: v/ L# y& N6 `, O3 v reasonably well. Some of the persisting market strength can be8 \3 u/ m. L2 k L9 s
ascribed to sensible affordability levels, which had eroded only% f; j% l% x$ ~, x7 [
modestly in recent years.
6 \ p7 d4 I7 A' @$ Y3 m - Atlantic region: Markets have largely remained stable against the
* u+ o6 D0 Q. D: H0 n general housing downturn, with St. John's becoming the housing hot
& J; d1 \% G/ _ spot in Canada and Halifax and Saint John maintaining steady upward
* N4 y8 B. N2 ? {# W price momentum. The region is benefiting from improving affordability+ x7 w( P, H4 H
following two years of deterioration.
4 t& f- m' j, z* E) ^ >> |
|
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
