 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
9 W3 T( k7 Y1 V3 Q2 u/ p2 u TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the: \( R9 c* I. t/ @7 u% Z
middle of a significant correction that is partly reversing the extensive) l* o. v# {6 f$ a D' D
gains of recent years and which is helping restore affordability conditions,
3 r/ O5 f+ m3 H) y7 laccording to the latest housing report released today by RBC Economics.; P0 L( I4 n: I* ?( L/ z/ n
"The province's housing markets remain under heavy downward pressure,"
) |4 E" p5 B8 H2 {5 I9 esaid Robert Hogue, senior economist, RBC. "While housing affordability is2 ?6 d( e/ P: E! A
improving as the correction process runs its course. RBC's affordability7 _' Y4 ^+ l' x" g
measures for the province are still at levels far off historical averages.") h [, V5 k6 s1 W7 g b
RBC notes that the sharp rise in unemployment since last summer is
F1 c+ I3 a J. Q4 A2 Bworrying households in the province and weighing down demand for housing,
0 x; I/ F' s0 O' A: v3 d& S) {which runs well short of available supply. Such weak market conditions have9 j6 [. K& ~$ m8 t! C
sustained the declining trend in prices for both existing and new homes.( V t' N. G9 q
The RBC Affordability measure for British Columbia, which captures the
0 Z3 z9 F! ~* z F: H& z' N. eproportion of pre-tax household income needed to service the costs of owning a
3 O1 N) D8 C/ Zhome, improved across all housing segments in the last quarter of 2008." M% s) _& f) P* r$ k9 z
Affordability of detached bungalows in the province moved to 66 per cent, the
, r: \0 i* }" y8 a$ O$ f z: r/ hstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
% j7 U% ^0 y, U, [$ E8 N' Sthe standard two-story home to 73.7 per cent.+ m/ Q! l& m/ o1 D
According to the report, there are signs that the B.C. housing markets
/ K2 a1 w+ `! c4 jmay be stabilizing as sales of existing homes appear to have bottomed out in4 g4 m% T* c' `
the closing months of 2008 and the first two in 2009 - although at
" W8 Y; _% F, B7 Z/ ?historically depressed levels.
/ ?& y4 s- p/ x1 p4 G7 G5 e" g Despite sharply declining house prices and lower mortgage rates, the cost+ Z* i- N# ?5 G: V: F+ p5 n
of homeownership in Vancouver is still the highest in the country. House, b7 f# k5 D. A
prices continue to rapidly decline and pricing power remains firmly in the, K! w t" z, C# U, D9 t# }$ T
hands of buyers with the sales-to-new listings ratio at historical lows. "This
3 u' H) \, V+ z1 w: m7 t' J. @enormous imbalance suggests that prices will likely further correct in the
A/ p$ ?1 _& M1 K7 U- F @months ahead," added Hogue.3 Y$ U. |- e( K, l/ i) l
RBC's Affordability measure for a detached bungalow for Canada's largest
! ^+ {) i( b" b* _4 K, P, Xcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
: c* O) H0 @4 Q6 G# B" u$ b42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.8 r! j% Q* w& T$ g
The report also looked at mortgage carrying costs relative to incomes for
f: j+ d/ R* g3 U6 ka broader sampling of cities across the country, including Victoria. For these
$ ^- T! R7 v! U4 Mcities, RBC has used a narrower measure of housing affordability that only' E* S9 t. _9 e) N- \8 \; }
takes mortgage payments relative to income into account.
. ~1 \( C$ q, W, m1 }' I1 F3 Y The Housing Affordability measure, which RBC has compiled since 1985, is' A0 q# c+ F2 a! B
based on the costs of owning a detached bungalow, a reasonable property
7 O& Q/ o: d8 \/ R, t; Jbenchmark for the housing market. Alternative housing types are also presented
, S& N& A9 p* b9 k8 f! z: O( c" |including a standard two-storey home, a standard townhouse and a standard! d6 c1 \9 H' c' p& c0 Q
condominium. The higher the reading, the more costly it is to afford a home.
3 V; d; N+ O0 I) C U1 I' iFor example, an Affordability reading of 50 per cent means that homeownership2 T: F! b) N7 ~
costs, including mortgage payments, utilities and property taxes, take up 50 i- o* g# m' L# L) V
per cent of a typical household's monthly pre-tax income.0 T3 i1 m+ I) {+ f, z
+ b; h' p: V2 S <<
2 f% P. S, v! F3 l' z Highlights from across Canada:: _1 I! ?( w1 I
( r- k, |' E6 u' C4 {
- Alberta: Since last fall, the declining Alberta economy has2 r8 a) Y; ^( }2 W- z( b
intensified the downdraft on the province's housing markets, causing
B0 D: g. H+ Y( a( J% |+ q F: n$ n home resales to drop to a 12-year low at the end of 2008 and rebound
, ]) Z- E( Z6 q4 r" g# k m only modestly since. Affordability has been on an improving track
6 `3 z, [$ C$ X" n6 ]5 K" A since about the middle of 2007.4 I+ v- G3 M5 T8 S' ]# b4 h. S' @
- Saskatchewan: Market activity has cooled considerably from the
/ p' C3 n4 E7 P E4 S. m, Z. ~/ V frenzied pace from 2006 to early 2008 and prices have begun to; D/ }" f# q: W0 L' m8 t( K
decline. Nonetheless, economic and demographic fundamentals are still
0 J' Q8 m0 A. t9 f largely supportive of the housing market and overshadow extremely
- d" |! n; G: D/ U# e& e, M poor affordability levels.
) `# E& H: B8 }# S$ x - Manitoba: Manitoba's housing markets have fared much better than the
0 h' Q& w7 c9 x9 ] vast majority in Canada: resale activity has slowed moderately and
0 r2 o! }5 ?7 T1 e) n prices have either held their own or edged down just slightly.. C* d- Q8 X3 _2 m# A% V6 W
Affordability has been kept out of the danger zone, helping to2 @" C! q( i; J
minimize any downside risks.
$ W0 u3 S! x/ [2 k& s3 X5 M - Ontario: With the recession pounding many communities, housing market3 _( R6 F* }- l& R
conditions have deteriorated considerably. However, the impact is
* |3 w4 m6 d5 ~* Z: R7 D unlikely to develop into an all-out rout similar to that of the early
I ~; \# J, e! ` 1990s. Affordability, while still causing some stress, is quickly: {+ G1 V7 A$ G+ O
being restored to levels closer to long-term averages.
" A$ K/ h( s8 c- c6 t5 g - Quebec: The province's housing markets have been among the last in
& A( |% }9 S6 N) _/ \6 Q Canada to yield to the weakening trend. The main sign of cooling thus
. s! r& w8 q/ ~3 U far has been a drop in resale activity, as prices have held up8 c% E3 H( I5 `; z5 X) Z
reasonably well. Some of the persisting market strength can be3 j! z" K+ @4 B) [
ascribed to sensible affordability levels, which had eroded only
! u8 h8 v" E, X5 ]( V. Q1 Y4 e. O modestly in recent years.
' A! }; g3 x, [, a2 _; g4 B - Atlantic region: Markets have largely remained stable against the
9 ^; a2 \2 N; y general housing downturn, with St. John's becoming the housing hot! P0 m8 ]3 x! o
spot in Canada and Halifax and Saint John maintaining steady upward) i1 v5 _1 c9 r( F9 Y) C
price momentum. The region is benefiting from improving affordability: \# \$ T: D1 b. @+ u
following two years of deterioration.
8 l y: r) w2 A3 F( |8 c >> |
|
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
