 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC 7 P( s P8 f. ~. i9 ] _0 P, a
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
. h, z0 G+ }4 T, Cmiddle of a significant correction that is partly reversing the extensive
9 Z C2 ]8 j5 qgains of recent years and which is helping restore affordability conditions," W# s* p3 q* [ L! E$ l
according to the latest housing report released today by RBC Economics.; B: x, k H8 c9 Y
"The province's housing markets remain under heavy downward pressure,"
) K; B% B7 |0 e* o1 ksaid Robert Hogue, senior economist, RBC. "While housing affordability is
( N) W1 f; z- j& kimproving as the correction process runs its course. RBC's affordability
# e* Z2 p3 ?' _& Wmeasures for the province are still at levels far off historical averages."- z! t. p0 E! O
RBC notes that the sharp rise in unemployment since last summer is/ j: f" _# f3 i& b8 Q
worrying households in the province and weighing down demand for housing,
) u$ f# V' U% A# ~which runs well short of available supply. Such weak market conditions have
+ e) ] m* q! X5 _+ Vsustained the declining trend in prices for both existing and new homes.* x- T) v& M. C, Q
The RBC Affordability measure for British Columbia, which captures the
/ z6 H+ _; [+ {% Aproportion of pre-tax household income needed to service the costs of owning a& f' o0 H# L1 j; Z
home, improved across all housing segments in the last quarter of 2008.# E2 G! P. z* n( O( p' ?6 A
Affordability of detached bungalows in the province moved to 66 per cent, the
/ _) o Z; a& D- j5 bstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
/ G% I6 u/ t5 K$ V7 }' P) _the standard two-story home to 73.7 per cent.+ o# R7 k7 o5 j2 l
According to the report, there are signs that the B.C. housing markets1 \( y: @8 ~; X3 u
may be stabilizing as sales of existing homes appear to have bottomed out in9 @! w8 N4 ` z' A# P
the closing months of 2008 and the first two in 2009 - although at
* y; x* y* y1 k7 W, |historically depressed levels.6 T$ ?/ L F5 k8 r" p+ Q0 N* z( y
Despite sharply declining house prices and lower mortgage rates, the cost- P( P8 N% a9 @, l- X1 X+ D
of homeownership in Vancouver is still the highest in the country. House! {, M+ `& {" k4 Q( F. K
prices continue to rapidly decline and pricing power remains firmly in the
. c4 c) ?# K `" I+ g6 ]2 i' v7 hhands of buyers with the sales-to-new listings ratio at historical lows. "This! d$ R) d% h+ |% s- ~5 ?3 C
enormous imbalance suggests that prices will likely further correct in the0 @" X8 [+ a% e3 R& }
months ahead," added Hogue.: c6 n6 I+ |7 X' g7 ?: x
RBC's Affordability measure for a detached bungalow for Canada's largest
. n) S: M( Q- D1 b; c2 h) `cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary; x% t$ w9 N% L. E* I6 a0 W
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
( v) e6 C( u6 g) M The report also looked at mortgage carrying costs relative to incomes for
! \3 S, w: k1 ?! c" R Z( ^a broader sampling of cities across the country, including Victoria. For these2 B7 F3 u4 K# a+ U/ N; w
cities, RBC has used a narrower measure of housing affordability that only
" Y3 w- o8 Y& j0 f; htakes mortgage payments relative to income into account.
$ Q) Y- {* X2 Y( ? The Housing Affordability measure, which RBC has compiled since 1985, is
+ x* _ {0 E" D8 x- g9 q5 Kbased on the costs of owning a detached bungalow, a reasonable property. G* B9 O9 }& u
benchmark for the housing market. Alternative housing types are also presented6 o6 s$ j1 V& o. p
including a standard two-storey home, a standard townhouse and a standard! \, L* ~ ~% h) d0 D* x* V
condominium. The higher the reading, the more costly it is to afford a home.
! l6 H/ \' w; q; G, ~. x- MFor example, an Affordability reading of 50 per cent means that homeownership R) T( O2 s# n0 P4 e9 W9 O
costs, including mortgage payments, utilities and property taxes, take up 50
% J6 |; [( S. G+ R+ I1 P* @6 Nper cent of a typical household's monthly pre-tax income.9 B: `% J; @! d
/ W4 Z$ t- |) { <<+ d4 J9 x" F/ k2 a8 A8 o5 N
Highlights from across Canada:4 ^* I6 Q' S" j& k4 j+ l n
9 F5 n9 x2 B, `; s5 X" I0 B" i" E - Alberta: Since last fall, the declining Alberta economy has
2 N& r2 }) o7 f2 S intensified the downdraft on the province's housing markets, causing
9 P5 A, E- n2 ~! A) W+ z( X home resales to drop to a 12-year low at the end of 2008 and rebound* S# H6 J0 y: B; d6 X
only modestly since. Affordability has been on an improving track5 }/ T% |" L. C6 H" O
since about the middle of 2007.
+ @" D+ r0 d) A# @) E/ V4 S; w - Saskatchewan: Market activity has cooled considerably from the) t+ |1 D' g: \- L" R+ ^3 N: R
frenzied pace from 2006 to early 2008 and prices have begun to9 `9 [( `) h" N8 d' S% U
decline. Nonetheless, economic and demographic fundamentals are still2 i7 k2 _# A; ^1 x9 c% Y
largely supportive of the housing market and overshadow extremely
9 C9 x1 T9 |* r5 p, Z9 J8 e poor affordability levels.: Z1 A- H* | Y
- Manitoba: Manitoba's housing markets have fared much better than the8 E3 S; k" S6 q7 C! e" c5 k
vast majority in Canada: resale activity has slowed moderately and* M0 h1 K1 L: J% F m3 r
prices have either held their own or edged down just slightly.' t0 J1 ?# i5 D9 p, I! B2 I
Affordability has been kept out of the danger zone, helping to' U$ K2 ?+ A! ?& q q" B1 ?
minimize any downside risks.$ H. F" F$ n) h' @
- Ontario: With the recession pounding many communities, housing market/ @, v3 e5 V5 r; U. R/ t" v. n
conditions have deteriorated considerably. However, the impact is0 k, r9 d1 i* C! q
unlikely to develop into an all-out rout similar to that of the early
& n5 {& o( Q9 d 1990s. Affordability, while still causing some stress, is quickly
+ a q# L( r' O$ B. J6 o being restored to levels closer to long-term averages.2 E# G% ~# l7 `& h- ?# A; p5 C
- Quebec: The province's housing markets have been among the last in
4 s: Z6 ~* @3 v8 w4 p7 j4 L) z9 @, Z1 y Canada to yield to the weakening trend. The main sign of cooling thus
9 o% b; F! f) j% f6 G( t0 b far has been a drop in resale activity, as prices have held up
6 J( J; c2 W# U2 M' i6 k reasonably well. Some of the persisting market strength can be; ~& C! S* U) y' M# H
ascribed to sensible affordability levels, which had eroded only
" D' R: m& ~8 T& s" i" M) D2 N0 u modestly in recent years.3 d3 T8 _' M0 J: t! S0 B8 i
- Atlantic region: Markets have largely remained stable against the
! {1 N T4 n2 i: j% W2 i. f general housing downturn, with St. John's becoming the housing hot
L X4 v+ c# | spot in Canada and Halifax and Saint John maintaining steady upward
$ g: ?* R3 W5 k1 a: W, D price momentum. The region is benefiting from improving affordability& c% i- J4 Z5 ?6 S5 j- e
following two years of deterioration.8 G2 k k1 D# t, [; [0 y* B
>> |
|
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
