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British Columbia's housing affordability notably improved but still has far to go, says RBC " O- }* a2 u* q. x; j" ^+ w/ C
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the8 G* t8 `$ p Y2 z3 r6 K0 n. K; z* u
middle of a significant correction that is partly reversing the extensive# g) X# T* m8 {6 i
gains of recent years and which is helping restore affordability conditions,
8 M5 C, L. T1 R7 aaccording to the latest housing report released today by RBC Economics.8 I. Z$ Z( z4 u, n# N
"The province's housing markets remain under heavy downward pressure,"
. z/ n$ S4 _$ O1 Y2 ^: y0 G. O/ V# Usaid Robert Hogue, senior economist, RBC. "While housing affordability is
+ W7 }" G3 Q; \5 x/ T: eimproving as the correction process runs its course. RBC's affordability; I! \8 o! L5 C) l. l2 s
measures for the province are still at levels far off historical averages."
; Q g" l6 @, M2 b8 M! e5 l RBC notes that the sharp rise in unemployment since last summer is
8 y$ z3 B( H- h. f& h# d7 pworrying households in the province and weighing down demand for housing,
7 ~& K; }( A, w& i! }! J4 [which runs well short of available supply. Such weak market conditions have
. T# r' d3 f# t1 V( \1 Ssustained the declining trend in prices for both existing and new homes.# w5 O4 ]% l- j8 |+ h" s. v
The RBC Affordability measure for British Columbia, which captures the
" L' x, K" \" L* pproportion of pre-tax household income needed to service the costs of owning a
* A9 v( M# \( h9 e* \& Uhome, improved across all housing segments in the last quarter of 2008.
5 T) V) N0 O, X6 x* SAffordability of detached bungalows in the province moved to 66 per cent, the/ w$ E9 V1 e9 i( u
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and' R! U4 b" m/ S" t, b& ?
the standard two-story home to 73.7 per cent.5 y6 J' q" G/ G. M$ c$ T+ l \
According to the report, there are signs that the B.C. housing markets
& F i# l- _ x3 l8 m3 fmay be stabilizing as sales of existing homes appear to have bottomed out in" V; y7 G j$ ~
the closing months of 2008 and the first two in 2009 - although at. z& Z( a" C1 G5 _ y0 }) i6 l
historically depressed levels./ D% ?" _0 P, O' k, {9 G
Despite sharply declining house prices and lower mortgage rates, the cost
, z$ V; C8 w9 h# H6 fof homeownership in Vancouver is still the highest in the country. House3 _& x' R- M7 C6 O/ d. `% v
prices continue to rapidly decline and pricing power remains firmly in the
6 c$ L5 u* \, Ghands of buyers with the sales-to-new listings ratio at historical lows. "This
* Y6 N4 K, w$ T9 n# @( nenormous imbalance suggests that prices will likely further correct in the
. k2 S. j& C8 H3 S/ i7 _% N |months ahead," added Hogue.
! s' E9 x' u7 l. M% o& [ RBC's Affordability measure for a detached bungalow for Canada's largest
! M6 C9 O9 w& i6 Mcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
7 J |& `$ I/ b9 a* H" M! J7 r! q42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.7 G% F: g" ^$ W7 W* k7 L
The report also looked at mortgage carrying costs relative to incomes for
7 L9 Y e6 U7 g$ k& ~$ Ka broader sampling of cities across the country, including Victoria. For these* ]+ @8 j7 P( c$ U9 }
cities, RBC has used a narrower measure of housing affordability that only
& y0 p: S; }; L" Ztakes mortgage payments relative to income into account.
) p5 q! ~. {/ Q$ K# `6 U; e The Housing Affordability measure, which RBC has compiled since 1985, is
$ J5 r* ~! E* b+ H0 b2 jbased on the costs of owning a detached bungalow, a reasonable property2 x2 R! Y i, z% A! K6 ?7 B: }
benchmark for the housing market. Alternative housing types are also presented
9 L$ L) N8 I: ]. p& Mincluding a standard two-storey home, a standard townhouse and a standard% K- ^8 r$ f: H5 A
condominium. The higher the reading, the more costly it is to afford a home.' ?8 {& p! t* @. c
For example, an Affordability reading of 50 per cent means that homeownership
9 f: r8 `% Z2 k. w' Q/ C/ jcosts, including mortgage payments, utilities and property taxes, take up 50' T C5 l& q1 j- j! n4 ^0 Q
per cent of a typical household's monthly pre-tax income.- a" h1 J. Y$ g9 O! i
r4 r3 z6 \* S( I* @8 c' [! X
<<* U2 B5 H' O( R
Highlights from across Canada:8 p- B5 C7 M3 h0 ^& p }
7 p. i, j! u/ M+ @8 N! T2 u
- Alberta: Since last fall, the declining Alberta economy has4 w* ?/ j! u0 c% R& E% ?9 b& l
intensified the downdraft on the province's housing markets, causing+ Y9 F9 K% @- \
home resales to drop to a 12-year low at the end of 2008 and rebound6 @: m9 S5 G7 A9 l, X
only modestly since. Affordability has been on an improving track
# y' F0 {7 [) q% }1 N8 z since about the middle of 2007.
; @' D, j" V& I' A! \ - Saskatchewan: Market activity has cooled considerably from the2 q) z! D% C6 O
frenzied pace from 2006 to early 2008 and prices have begun to
( E( Y' G/ M7 G4 d/ n decline. Nonetheless, economic and demographic fundamentals are still6 T% G8 ~' E* S
largely supportive of the housing market and overshadow extremely
' U1 P) T8 O# ^; a d( S- t# C poor affordability levels.
' R2 T* r& P" n* Y - Manitoba: Manitoba's housing markets have fared much better than the
x" J9 E/ e) i; L5 | vast majority in Canada: resale activity has slowed moderately and
8 k) Z; H6 P1 ? prices have either held their own or edged down just slightly.
7 m7 B2 @7 L% _, h9 M6 Q# f. W Affordability has been kept out of the danger zone, helping to/ E& N9 D' ~/ t
minimize any downside risks.
6 b; W. r1 G9 \/ V - Ontario: With the recession pounding many communities, housing market
: X, W% _( S* }9 _$ J- X conditions have deteriorated considerably. However, the impact is
+ Z; M# y+ D7 x0 q" ]9 T unlikely to develop into an all-out rout similar to that of the early2 R8 m4 A. F, ?$ o$ }+ |
1990s. Affordability, while still causing some stress, is quickly
$ t) B+ ^% o/ { being restored to levels closer to long-term averages.* v% _% K4 p* M7 G6 ]3 L& q% `' a
- Quebec: The province's housing markets have been among the last in( C4 x3 C/ o$ f, y
Canada to yield to the weakening trend. The main sign of cooling thus
- R+ j: ~: T7 E8 I, N% j5 x$ _ far has been a drop in resale activity, as prices have held up4 {# Z6 H) \( L6 G0 P4 U. z- ?5 a- Y
reasonably well. Some of the persisting market strength can be
7 M; W' a4 u0 l8 E ascribed to sensible affordability levels, which had eroded only
; e% n8 f, a/ X! J& o( U) X7 { modestly in recent years.* q, @. ?% E2 q: u
- Atlantic region: Markets have largely remained stable against the/ f, Y. m; i- Y) T) R- A& x
general housing downturn, with St. John's becoming the housing hot
# I) R* ?+ l2 o! z spot in Canada and Halifax and Saint John maintaining steady upward# }# x$ p8 q: j8 \( c
price momentum. The region is benefiting from improving affordability
" ^+ D% I: H$ L0 @% L3 Z following two years of deterioration./ i% A# c: q: K2 P2 k I
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发表于 2009-4-15 19:05
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