 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
& O9 b) A, F ~; O- q TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
. U8 |, @( K# z/ t0 V0 J' mmiddle of a significant correction that is partly reversing the extensive
; j: y1 M6 C/ ugains of recent years and which is helping restore affordability conditions,
; J: \$ @6 }1 ~1 n; b" S" |1 Saccording to the latest housing report released today by RBC Economics.! O/ I7 `: |& }! J! X! _
"The province's housing markets remain under heavy downward pressure,"9 x' _/ |; x& l$ C; B
said Robert Hogue, senior economist, RBC. "While housing affordability is8 ~# F# E# ]9 B0 t5 H! s8 p7 W
improving as the correction process runs its course. RBC's affordability
+ O" S' {& G. O/ W) u4 Qmeasures for the province are still at levels far off historical averages."
5 Z/ k) V$ U2 |4 ]3 Q RBC notes that the sharp rise in unemployment since last summer is7 T7 d3 C+ j8 f. S
worrying households in the province and weighing down demand for housing,8 H' r* P2 Z8 b. Z; B
which runs well short of available supply. Such weak market conditions have& v, j7 q8 `. M" Z2 {( c) B
sustained the declining trend in prices for both existing and new homes. d$ |/ _( \" E: x( k4 a. r
The RBC Affordability measure for British Columbia, which captures the1 x1 N; O% l& T( r. H7 X2 m2 M
proportion of pre-tax household income needed to service the costs of owning a
) f# P) }4 m. \7 S* ]) |6 N3 phome, improved across all housing segments in the last quarter of 2008.
- `" Q9 X. U$ c- Z, R8 DAffordability of detached bungalows in the province moved to 66 per cent, the
0 |. s: g. a, |$ t- _. Estandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
4 p' }8 M% U8 S& ^ }3 hthe standard two-story home to 73.7 per cent.
# R- f: Z* O+ H+ t& ]1 l According to the report, there are signs that the B.C. housing markets) Z: F: Q# M: j! Q2 ~2 X4 f
may be stabilizing as sales of existing homes appear to have bottomed out in
+ N: ]5 J" N1 [* k8 rthe closing months of 2008 and the first two in 2009 - although at0 T5 Q" X, W3 N0 A/ Y
historically depressed levels.
9 i/ h$ r) p- a( L& I2 s Despite sharply declining house prices and lower mortgage rates, the cost2 A8 ~4 S" L8 a4 \2 O/ R0 ?
of homeownership in Vancouver is still the highest in the country. House
. q8 b R7 L" [prices continue to rapidly decline and pricing power remains firmly in the% H' o$ X" o, I) t1 F
hands of buyers with the sales-to-new listings ratio at historical lows. "This
) ]7 d5 H: ?# L+ a- oenormous imbalance suggests that prices will likely further correct in the( i8 O D5 k! O& y1 ^
months ahead," added Hogue.
4 @+ H6 O) `4 W7 u8 J RBC's Affordability measure for a detached bungalow for Canada's largest
- Y# b$ P6 a! W4 }* C Gcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary N5 k3 } @$ I- _! S
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
8 N4 c! B6 a# [ The report also looked at mortgage carrying costs relative to incomes for
4 e: e% f! g1 Y& @( `' o1 Ga broader sampling of cities across the country, including Victoria. For these+ p0 l- J4 p' E, l' W# ]' M0 j
cities, RBC has used a narrower measure of housing affordability that only0 y# c3 g0 Q/ o5 D! l# N, `
takes mortgage payments relative to income into account.
" ?% ^, B5 V8 k1 w9 F X% b The Housing Affordability measure, which RBC has compiled since 1985, is
5 E' i% }' m% m* vbased on the costs of owning a detached bungalow, a reasonable property
+ S3 `/ ^# O# t8 \( I! r+ Mbenchmark for the housing market. Alternative housing types are also presented" u9 M) v3 w! F( S
including a standard two-storey home, a standard townhouse and a standard! O2 h" T$ W; K( G+ l
condominium. The higher the reading, the more costly it is to afford a home.
* A3 n: e: ^# K% ^0 w7 QFor example, an Affordability reading of 50 per cent means that homeownership
9 X! d4 c8 x9 p* D: xcosts, including mortgage payments, utilities and property taxes, take up 50, e2 C# C4 E9 e& D* N
per cent of a typical household's monthly pre-tax income.
/ e& h! P1 d" I& t2 M4 S/ C% x- K
: ^8 a1 q0 ?- r: o& ^ <<& t X* q7 m: P3 ^1 r6 [$ J1 d3 ~
Highlights from across Canada:
3 H/ N% [/ c4 ]' F2 R, _
7 \# U& z' D+ W- Y6 P; ^1 D9 t* E - Alberta: Since last fall, the declining Alberta economy has
" y. z" F9 r. A O8 \ intensified the downdraft on the province's housing markets, causing
% z0 d: ^% o4 P" d0 p d/ a home resales to drop to a 12-year low at the end of 2008 and rebound) j5 H' Z' a( M, P% {; j a
only modestly since. Affordability has been on an improving track
: N1 L3 o1 n. U since about the middle of 2007.
o8 a7 L6 b! E. b8 b/ j - Saskatchewan: Market activity has cooled considerably from the! o/ F* E X' [2 f F7 s+ d( U1 M
frenzied pace from 2006 to early 2008 and prices have begun to- x2 Y2 c8 H9 g2 p6 e: ?' B3 I3 `
decline. Nonetheless, economic and demographic fundamentals are still* P2 b, q& N3 Q% d" ?
largely supportive of the housing market and overshadow extremely
N4 i8 u) f5 p q, f* Y poor affordability levels.
9 Q, f: C! B# b - Manitoba: Manitoba's housing markets have fared much better than the" e2 c2 o5 I0 N
vast majority in Canada: resale activity has slowed moderately and
/ l5 _/ I4 z, M5 }6 w) H& k$ s prices have either held their own or edged down just slightly.
9 O- Y1 s' T; p8 I- x& h5 ] Affordability has been kept out of the danger zone, helping to
. z2 V. X& r; [9 M0 X minimize any downside risks.6 Q. F" l4 D4 O' ], t8 v
- Ontario: With the recession pounding many communities, housing market/ ^* K' o5 l3 q8 j
conditions have deteriorated considerably. However, the impact is
0 W4 p5 h5 {' e K% u5 q( n4 t unlikely to develop into an all-out rout similar to that of the early
% s: J% j9 a9 l2 s8 \! c0 h0 t$ A; L; Z( a 1990s. Affordability, while still causing some stress, is quickly* q, F2 H2 R1 o$ Q
being restored to levels closer to long-term averages.
; n4 |! w& @0 `$ M - Quebec: The province's housing markets have been among the last in# H: y# w" o( E+ X4 W1 B2 Q0 g
Canada to yield to the weakening trend. The main sign of cooling thus
$ n& K k' l! B5 E* s far has been a drop in resale activity, as prices have held up' M" s/ k# v) L. E4 Q
reasonably well. Some of the persisting market strength can be
! e% l( v; s8 R% T ascribed to sensible affordability levels, which had eroded only
0 Y' u; D& g: y! I: t+ C3 {/ b modestly in recent years.
% S t' u. \' _, a5 T- s - Atlantic region: Markets have largely remained stable against the. a; A% N' }9 C4 P
general housing downturn, with St. John's becoming the housing hot; v# `( {# I: E* }" V
spot in Canada and Halifax and Saint John maintaining steady upward
" e# \7 V$ T9 `) H" H. f- m# Y, u price momentum. The region is benefiting from improving affordability6 w- J. m b2 w/ J
following two years of deterioration." [) }& Z% ^7 {: p/ Y% L
>> |
|
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
