 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC 9 i8 k* X; ^" Z
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
+ g7 F" u& r) tmiddle of a significant correction that is partly reversing the extensive
8 z. h0 b2 ^8 t, [& k Z$ V* Ygains of recent years and which is helping restore affordability conditions,* x: `9 C' F, x8 B
according to the latest housing report released today by RBC Economics.' D8 {, H% c4 H. S
"The province's housing markets remain under heavy downward pressure,"' ]0 U! P" t7 G3 }4 P& E* C
said Robert Hogue, senior economist, RBC. "While housing affordability is
6 W' |9 f8 O! r" L# ~; Kimproving as the correction process runs its course. RBC's affordability
1 {( Y2 e# ~1 y& e2 T# e- ]* ?measures for the province are still at levels far off historical averages."
8 g* K0 K& a9 C8 Z" t RBC notes that the sharp rise in unemployment since last summer is
- e+ m5 C' ?! F# y/ A9 e! @worrying households in the province and weighing down demand for housing,
8 T& t( r6 \! b4 Nwhich runs well short of available supply. Such weak market conditions have# }, ?7 a$ F) s8 H
sustained the declining trend in prices for both existing and new homes.
- f8 H N: P }% Q7 l$ t+ E The RBC Affordability measure for British Columbia, which captures the( x9 Z3 i5 Z$ U% R
proportion of pre-tax household income needed to service the costs of owning a7 C" ?: R. k0 F( V! ~$ k4 e5 |$ J
home, improved across all housing segments in the last quarter of 2008.
" }0 |- G; k6 T5 t8 t0 OAffordability of detached bungalows in the province moved to 66 per cent, the- b2 b$ e( |$ P
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
( V ]! j4 b, R4 n! ythe standard two-story home to 73.7 per cent.
9 }/ @! U% {7 M! k* R According to the report, there are signs that the B.C. housing markets
: o7 K( q$ I" N& N) _3 c0 F$ U" \may be stabilizing as sales of existing homes appear to have bottomed out in
3 H8 \! @/ d* H- x! Sthe closing months of 2008 and the first two in 2009 - although at7 z! A# c# ~- |. ^
historically depressed levels.
5 o4 z, A% V$ m( ^" G, D& O Despite sharply declining house prices and lower mortgage rates, the cost8 s7 m* {7 k) y
of homeownership in Vancouver is still the highest in the country. House& q- j: o5 k2 @; j) _
prices continue to rapidly decline and pricing power remains firmly in the
0 Q5 g4 [/ Q6 C2 I" Y+ Ahands of buyers with the sales-to-new listings ratio at historical lows. "This( ]' w3 }4 {8 {. g+ H9 Y- a
enormous imbalance suggests that prices will likely further correct in the0 [6 M9 n9 U$ ]+ g V) x' h
months ahead," added Hogue.6 r; K# K# {, _: b9 |8 z1 B
RBC's Affordability measure for a detached bungalow for Canada's largest
$ g. d+ w' P# \3 W, vcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary* ~$ T9 o" G" f k
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent. d- M% Q4 p! U+ M' S3 [( _
The report also looked at mortgage carrying costs relative to incomes for
1 b+ Y6 N+ L5 s; S1 _a broader sampling of cities across the country, including Victoria. For these
' G6 }6 y! r; x& k& b, i: ?+ Y6 Kcities, RBC has used a narrower measure of housing affordability that only/ V9 I: F: u" M3 z6 E* f6 l
takes mortgage payments relative to income into account.
Z4 j% c: a4 o( ^ The Housing Affordability measure, which RBC has compiled since 1985, is
; o- N: J0 x/ v7 gbased on the costs of owning a detached bungalow, a reasonable property- R8 s+ u; N! K& W0 D: j
benchmark for the housing market. Alternative housing types are also presented0 j" r3 l; t# D9 ~7 l
including a standard two-storey home, a standard townhouse and a standard! Z) K: Z! ~# l. ^, g5 {
condominium. The higher the reading, the more costly it is to afford a home.' T2 _8 n! h" C1 U
For example, an Affordability reading of 50 per cent means that homeownership; d/ k' ` [# L, H- [+ X
costs, including mortgage payments, utilities and property taxes, take up 50 K% g- v7 z; [/ c9 o
per cent of a typical household's monthly pre-tax income.& A4 ]& q( \, V9 @* Q& G( H
3 [/ l2 t2 j* o <<
$ `5 K7 Q( k) Z" D |& w Highlights from across Canada:
* ~* D( \- R0 E* Z: v( }- p5 d" O" e6 W l( e
- Alberta: Since last fall, the declining Alberta economy has
# m6 V ~0 Z7 }3 ?8 \ intensified the downdraft on the province's housing markets, causing
6 `/ ^* H! C9 ` home resales to drop to a 12-year low at the end of 2008 and rebound" U8 c, _5 ?; R2 H# f7 U9 K
only modestly since. Affordability has been on an improving track
4 i! l; H8 X, X since about the middle of 2007.9 J$ {8 e' T' G5 j z/ R
- Saskatchewan: Market activity has cooled considerably from the
# r, C& R q1 X: @2 m1 P. q( S frenzied pace from 2006 to early 2008 and prices have begun to1 ?' h+ O' p5 Z% L" D
decline. Nonetheless, economic and demographic fundamentals are still: P' S6 M {/ N5 f
largely supportive of the housing market and overshadow extremely
' j1 h$ }7 U: n f poor affordability levels.
2 u- K( O, J# s# E: Y1 o - Manitoba: Manitoba's housing markets have fared much better than the
0 b+ U3 Z7 c6 {( v% d vast majority in Canada: resale activity has slowed moderately and
0 V+ {6 o3 w6 U0 P( Q- e3 ]' @ prices have either held their own or edged down just slightly.
1 Y* W7 L N) K4 R+ A Affordability has been kept out of the danger zone, helping to+ b0 `* M+ S) b0 }4 [, f
minimize any downside risks.$ `1 M5 ^0 F$ L5 I' T( i- B
- Ontario: With the recession pounding many communities, housing market, ` v0 p+ T/ {- r5 P
conditions have deteriorated considerably. However, the impact is ~# S5 L; X5 i: F. j
unlikely to develop into an all-out rout similar to that of the early2 B n9 S- }7 M, c, |6 T/ D
1990s. Affordability, while still causing some stress, is quickly
: K, w% T& b2 p being restored to levels closer to long-term averages.
$ H+ X' s( x2 j) G+ q - Quebec: The province's housing markets have been among the last in
' {4 [& U8 k6 I5 J4 Y8 g Canada to yield to the weakening trend. The main sign of cooling thus
" X' D' i& }' k- G2 g3 ?: C far has been a drop in resale activity, as prices have held up
6 G- p8 t5 c) {3 \) Q9 ] reasonably well. Some of the persisting market strength can be
% C" c. N. Z7 G: o ascribed to sensible affordability levels, which had eroded only" |; f' Y6 o! l
modestly in recent years.
( y% S$ [* r. R. ]+ } - Atlantic region: Markets have largely remained stable against the" F/ }8 e' Z2 X0 j5 Q; d( T2 h
general housing downturn, with St. John's becoming the housing hot
- E! i0 V" M( u spot in Canada and Halifax and Saint John maintaining steady upward
. A+ m, N" b1 B price momentum. The region is benefiting from improving affordability
/ p) G/ r) z0 A9 H0 w) Z following two years of deterioration.$ I' A4 K4 N4 C) c8 G& Z
>> |
|
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
