 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC : P( c* @- i. H) f# ?5 [
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
7 u' j+ `0 z/ _" q& c5 V2 b2 Lmiddle of a significant correction that is partly reversing the extensive
: [9 p- Y! [+ x3 Sgains of recent years and which is helping restore affordability conditions,
' y" Q( [$ R/ Z$ {; {: t' T" }according to the latest housing report released today by RBC Economics., ~% S2 n ]2 N8 i
"The province's housing markets remain under heavy downward pressure,") Q" m0 {- [0 n- ?. L
said Robert Hogue, senior economist, RBC. "While housing affordability is/ W& {$ `, U2 e+ ]4 M& j
improving as the correction process runs its course. RBC's affordability, P T& o9 a. h/ p: [
measures for the province are still at levels far off historical averages."4 x, i" |4 X1 g' M7 W" o% J0 B
RBC notes that the sharp rise in unemployment since last summer is
$ z2 w3 `8 Y( j+ g- T' @. F/ qworrying households in the province and weighing down demand for housing,6 }3 p' L( n1 P9 b/ p! S
which runs well short of available supply. Such weak market conditions have
/ N. X& T6 E {$ H! H( \- V) \! {sustained the declining trend in prices for both existing and new homes.; d7 I; X. U$ X& Y0 Y5 o
The RBC Affordability measure for British Columbia, which captures the4 k5 e! m, K3 K; o" c
proportion of pre-tax household income needed to service the costs of owning a
5 G4 u! m8 `) vhome, improved across all housing segments in the last quarter of 2008.
( p3 s; M' c3 e3 }- c- ]Affordability of detached bungalows in the province moved to 66 per cent, the& ?' x) D7 a9 u9 k! _
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
2 A" l; a3 Z3 s& e9 e& w. m3 Jthe standard two-story home to 73.7 per cent.% o8 k. U) G; U! k' S
According to the report, there are signs that the B.C. housing markets, |2 n6 p& H: F6 Q% {$ F6 i3 M+ {
may be stabilizing as sales of existing homes appear to have bottomed out in, W- D: _7 T/ T& O+ E/ R0 E
the closing months of 2008 and the first two in 2009 - although at& R! \ Q: N* g, w! D2 t. f
historically depressed levels.
% m! r; U9 e; x" Y9 k' {/ q# H Despite sharply declining house prices and lower mortgage rates, the cost4 N, N4 S" T; e
of homeownership in Vancouver is still the highest in the country. House
" I2 s( M7 r0 v. \& wprices continue to rapidly decline and pricing power remains firmly in the
- x p8 H' k: X* S Ihands of buyers with the sales-to-new listings ratio at historical lows. "This% s& Q& [$ o2 L0 S
enormous imbalance suggests that prices will likely further correct in the! f# k2 p) L& a$ n
months ahead," added Hogue.
6 @& z& Z7 _& A; H7 t& n | RBC's Affordability measure for a detached bungalow for Canada's largest
- ~' D! o. t% U$ _/ tcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary, Z ]; V; }8 i$ _
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.8 i: V! g4 y" m( e, f D+ q
The report also looked at mortgage carrying costs relative to incomes for
. q- J2 P+ P. K* M# {# {a broader sampling of cities across the country, including Victoria. For these
J9 r3 ]7 w) O. \0 X Fcities, RBC has used a narrower measure of housing affordability that only6 p2 X9 t( ~( k. }& y. ?. V/ |9 [- g$ N
takes mortgage payments relative to income into account.
) N- j' G& r; H3 n7 T3 Y The Housing Affordability measure, which RBC has compiled since 1985, is
' ?* W+ L- O0 x/ E1 e$ E1 ~based on the costs of owning a detached bungalow, a reasonable property0 x4 M8 O1 G8 f9 X% R: m% g
benchmark for the housing market. Alternative housing types are also presented$ L/ z3 N3 E$ r9 C7 [" i
including a standard two-storey home, a standard townhouse and a standard( l3 r5 M0 u/ ^) p2 L# ^
condominium. The higher the reading, the more costly it is to afford a home.
" z" [" z: E! J5 S- J/ wFor example, an Affordability reading of 50 per cent means that homeownership
$ u$ M1 [3 D- _' m6 V, v( N% ~costs, including mortgage payments, utilities and property taxes, take up 50
8 W; J, O6 Y9 Q. l6 H: eper cent of a typical household's monthly pre-tax income.& q) k7 M2 z' t* \- c4 B0 I
; k% p P, @5 @; G4 T' `
<<
) j( z8 H. N7 N& m+ Z8 T Highlights from across Canada:1 J9 Y- d/ h1 L ^0 J9 Q. E
: E& J4 I) Z% j' x" ^: `
- Alberta: Since last fall, the declining Alberta economy has
1 [$ j* L% V# H" I intensified the downdraft on the province's housing markets, causing
, R, Z/ f' J" @ E" S4 F home resales to drop to a 12-year low at the end of 2008 and rebound M2 W0 B8 u' j$ h5 Q1 m
only modestly since. Affordability has been on an improving track. c5 h) O" ~: G V8 J
since about the middle of 2007.- [, R6 ?/ Q0 k# x. \1 n# o9 g
- Saskatchewan: Market activity has cooled considerably from the
, ?8 ]8 v! |" ]: Y, v frenzied pace from 2006 to early 2008 and prices have begun to; p# c6 v/ V* j
decline. Nonetheless, economic and demographic fundamentals are still
7 m. Q: u& `$ U! I. I* j4 M9 p5 o, T largely supportive of the housing market and overshadow extremely
- }, }" q i. S. c$ [& J7 v poor affordability levels.
: t# p' O0 S! |0 \! {( w - Manitoba: Manitoba's housing markets have fared much better than the$ A3 b" T& L. I; @
vast majority in Canada: resale activity has slowed moderately and! [ i; i* o* Q; b9 N! Q7 F
prices have either held their own or edged down just slightly.
# }9 f' { s5 Z2 i# z0 t Affordability has been kept out of the danger zone, helping to
3 ]% K9 m( @4 h6 K6 s minimize any downside risks.
8 _/ _1 g( h) T6 S/ `* p - Ontario: With the recession pounding many communities, housing market; J+ ~* b c7 x8 {! J) v
conditions have deteriorated considerably. However, the impact is
# L k S h" K6 v! U unlikely to develop into an all-out rout similar to that of the early
2 ~3 [' e* Q8 v 1990s. Affordability, while still causing some stress, is quickly
" s! [1 c$ L5 m! R being restored to levels closer to long-term averages.
) q0 K. e. ?! A6 W* K( Y' u! ] - Quebec: The province's housing markets have been among the last in6 ~! [4 P0 ?1 Z( Y5 l h
Canada to yield to the weakening trend. The main sign of cooling thus/ e: n6 F9 X; v, c# i
far has been a drop in resale activity, as prices have held up
W) A5 v! t1 W: M7 F, @ reasonably well. Some of the persisting market strength can be
1 C4 ?: A: Z9 C5 P7 m ascribed to sensible affordability levels, which had eroded only
- M; z9 f, R* @+ @8 z9 h modestly in recent years.
4 I/ t. [- c- k6 M$ x3 U5 C - Atlantic region: Markets have largely remained stable against the
9 c9 X0 _1 f% m' g5 d# ^ general housing downturn, with St. John's becoming the housing hot3 q; a% d* A3 U" J1 p8 d
spot in Canada and Halifax and Saint John maintaining steady upward
" X' J8 K+ Z4 V$ R4 ?% V! S" z price momentum. The region is benefiting from improving affordability
0 ?3 u7 ]( T: R- X" Z following two years of deterioration.* `( n8 u( I! n7 ?* f) l' @8 M1 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
