 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC 6 N- \' v% l& q) E, }7 R
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
; _* q! h. }0 N" vmiddle of a significant correction that is partly reversing the extensive! j8 w) \/ Z. m
gains of recent years and which is helping restore affordability conditions,+ D3 b P! R& |* t z2 ]5 f2 d
according to the latest housing report released today by RBC Economics.
) X/ Z; A! [* @& ~/ M "The province's housing markets remain under heavy downward pressure,"
+ D( u- J4 }+ _9 F, l S; osaid Robert Hogue, senior economist, RBC. "While housing affordability is$ E, e0 w1 u- p' E/ c% [8 M
improving as the correction process runs its course. RBC's affordability
+ f+ z, g$ c2 c* o$ tmeasures for the province are still at levels far off historical averages."
0 u8 n0 B, M9 e RBC notes that the sharp rise in unemployment since last summer is
$ u7 N# P7 D$ l3 cworrying households in the province and weighing down demand for housing,
; @& U' Y* G* H) `which runs well short of available supply. Such weak market conditions have
& w9 q% j( s9 B6 c- e7 vsustained the declining trend in prices for both existing and new homes.
5 j' F6 O+ j8 v, B The RBC Affordability measure for British Columbia, which captures the
% M7 }: g& u' n/ X4 d$ ]' bproportion of pre-tax household income needed to service the costs of owning a4 x K1 R% f* e" \4 D
home, improved across all housing segments in the last quarter of 2008.
6 M6 ]4 Z( i6 Z% J" ` b. kAffordability of detached bungalows in the province moved to 66 per cent, the
0 d% D2 C9 W0 o" ?7 D5 hstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
, f# g( E9 E6 s- z+ R' s7 u; dthe standard two-story home to 73.7 per cent.. t& s5 [. g( L+ q% e0 N5 ~
According to the report, there are signs that the B.C. housing markets" O' ^* \9 N# h& U5 F3 e9 i5 k
may be stabilizing as sales of existing homes appear to have bottomed out in
) i7 m) z* D. F, B; j' N- x1 r+ i+ B* Ethe closing months of 2008 and the first two in 2009 - although at
" g' [6 ]' E# S v4 [9 T \historically depressed levels.' s6 V" @( ]; w; I
Despite sharply declining house prices and lower mortgage rates, the cost
- H I# y9 r K7 Jof homeownership in Vancouver is still the highest in the country. House
& ~# Q* D* l$ b' `% vprices continue to rapidly decline and pricing power remains firmly in the
. g! G9 L6 S+ F$ q# F/ n) h% {0 Vhands of buyers with the sales-to-new listings ratio at historical lows. "This* R' k8 I% P% J5 R
enormous imbalance suggests that prices will likely further correct in the
$ i" k" V" b6 Q1 B' hmonths ahead," added Hogue.
7 T/ E7 c" f: i* B! v+ F RBC's Affordability measure for a detached bungalow for Canada's largest
5 R# A& u$ D* a& n: U8 ucities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
! }$ } i; q+ O; s. W$ W; ?9 h42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.! L3 G& s' G+ x! z, E' y
The report also looked at mortgage carrying costs relative to incomes for3 m. h# S+ T' j% O; Y' a+ L# H5 P
a broader sampling of cities across the country, including Victoria. For these
* o# C$ y* B$ ?0 R4 ^$ \4 v u3 V1 x- rcities, RBC has used a narrower measure of housing affordability that only
8 f) P( ]$ g0 c2 N8 ` [takes mortgage payments relative to income into account.: S; f. m, |$ S5 ]. @) i, S
The Housing Affordability measure, which RBC has compiled since 1985, is
C& Q! I. U4 b: ]5 b7 }: _7 rbased on the costs of owning a detached bungalow, a reasonable property
$ \0 R# E! f: X% Rbenchmark for the housing market. Alternative housing types are also presented
4 |! g$ K2 X. B3 Dincluding a standard two-storey home, a standard townhouse and a standard0 J7 p5 A" {( R; [# ?7 Q2 [9 ~
condominium. The higher the reading, the more costly it is to afford a home.
; P5 s4 a+ g1 L0 b+ C# j: w. eFor example, an Affordability reading of 50 per cent means that homeownership; Q [7 t# o& ]0 F- p/ q
costs, including mortgage payments, utilities and property taxes, take up 50- v# V# C a. `; g, G* X% v
per cent of a typical household's monthly pre-tax income.2 H" t9 p4 K2 M6 l" H
# N7 H4 j. y/ C+ z
<<
5 l' i" s3 M. J, R9 D J$ E% v Highlights from across Canada:
1 J# P4 V' v, r# F3 ?1 R7 a" c8 Q% d# y3 R( N% v& Z
- Alberta: Since last fall, the declining Alberta economy has! N) J1 W0 ?: m( e# ?3 W
intensified the downdraft on the province's housing markets, causing
: {& E7 Z1 a9 Z4 W# }) r0 X4 ^ home resales to drop to a 12-year low at the end of 2008 and rebound4 r! X- h4 \) o' G. h: x- f" x3 E$ ^$ W7 }
only modestly since. Affordability has been on an improving track* a& c, \, j# U
since about the middle of 2007.
: ~/ H* H8 ~5 w6 x - Saskatchewan: Market activity has cooled considerably from the
, g1 f4 H& V/ D6 R frenzied pace from 2006 to early 2008 and prices have begun to( k* P& a, w1 U9 v; s
decline. Nonetheless, economic and demographic fundamentals are still
: S9 L M7 t3 K4 o, w largely supportive of the housing market and overshadow extremely
# M& v+ c% Z; }* ^; N poor affordability levels.
1 h3 x; f8 }1 w - Manitoba: Manitoba's housing markets have fared much better than the
5 \+ I# |2 ]+ E p+ b. y+ o5 O vast majority in Canada: resale activity has slowed moderately and
# O+ m" X, n% t) j# |- ]8 n3 h( m prices have either held their own or edged down just slightly.9 R4 P, X$ R7 ?! l
Affordability has been kept out of the danger zone, helping to% d' ~4 X4 h5 f+ @9 X
minimize any downside risks./ w% Y/ i' Y/ _" Y- o9 g
- Ontario: With the recession pounding many communities, housing market9 P% @# \! r0 e N& K
conditions have deteriorated considerably. However, the impact is$ u# @1 A; Z4 T- x
unlikely to develop into an all-out rout similar to that of the early
4 T2 W6 Z0 Q- _6 a* B6 v! ^ 1990s. Affordability, while still causing some stress, is quickly
/ s- m. ?% ?8 W being restored to levels closer to long-term averages.
b2 C1 G g0 T% x/ g V4 r6 V- t - Quebec: The province's housing markets have been among the last in
+ A: L6 v6 `. _# J Canada to yield to the weakening trend. The main sign of cooling thus
" N0 J1 }* q* s1 c far has been a drop in resale activity, as prices have held up
; ` y, P0 m) O1 _8 w reasonably well. Some of the persisting market strength can be- O8 J+ {$ n# Z2 b. k. F/ Z
ascribed to sensible affordability levels, which had eroded only
0 v. x5 o# @4 k1 u+ L modestly in recent years.% Y( f$ [- C: d/ g+ x' W
- Atlantic region: Markets have largely remained stable against the% P* |$ @' G* i N8 i/ J s0 ^" {/ `
general housing downturn, with St. John's becoming the housing hot
6 ]; s7 V ~ Z0 g: g6 | spot in Canada and Halifax and Saint John maintaining steady upward- ~( H& h* F T- g# c
price momentum. The region is benefiting from improving affordability( J+ R- C6 Z, r: E
following two years of deterioration.
0 f% q4 }( H; e: s5 v >> |
|
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
