 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
! {$ [ Q) N6 q6 |. P- F9 D/ n6 [. ]' n TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
% V9 d" k) u1 o- C1 ?' smiddle of a significant correction that is partly reversing the extensive
5 ^9 c4 w. `3 C# Y" q: I6 u, i- xgains of recent years and which is helping restore affordability conditions,+ T7 _" x) R. A# j& e0 d
according to the latest housing report released today by RBC Economics.3 j4 o5 V) w# D, _9 D
"The province's housing markets remain under heavy downward pressure,"
. ]) D/ R, y8 i* i, `! q8 w' Lsaid Robert Hogue, senior economist, RBC. "While housing affordability is$ h8 p3 N/ ^. H. J: y* l, c7 p
improving as the correction process runs its course. RBC's affordability
" W; f- ]. X& Rmeasures for the province are still at levels far off historical averages."" J4 T) q+ D! W9 }
RBC notes that the sharp rise in unemployment since last summer is
) Z8 L; n" G- Z" m, F% a, y2 q! mworrying households in the province and weighing down demand for housing,
# N: V2 P$ S& G7 J" J; r( m7 g4 Owhich runs well short of available supply. Such weak market conditions have, J7 ^" n" a' ]. p8 u( w
sustained the declining trend in prices for both existing and new homes.- u* l$ x# s7 }* t* P3 X! B
The RBC Affordability measure for British Columbia, which captures the
7 j& g# ~( p% |% T5 qproportion of pre-tax household income needed to service the costs of owning a, x9 X3 Y0 L) h% R) W3 c
home, improved across all housing segments in the last quarter of 2008.- i: F% Y/ n& J1 D0 ~& I* K" n
Affordability of detached bungalows in the province moved to 66 per cent, the
( G1 E9 N6 q9 Z% n( v( K2 rstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and& ]1 z! p8 R- k4 a ?
the standard two-story home to 73.7 per cent.0 J/ ]1 {# L( ^8 l( Z1 r$ D: n
According to the report, there are signs that the B.C. housing markets+ U7 i! C+ \( w% z' q, y% I1 g+ }
may be stabilizing as sales of existing homes appear to have bottomed out in+ W& d3 q6 m+ t, m, D5 T/ ^
the closing months of 2008 and the first two in 2009 - although at
9 p. g$ K# J) A* A' `$ chistorically depressed levels.
l& j: x k3 h# ~/ ` Despite sharply declining house prices and lower mortgage rates, the cost% x G5 C( F- y$ ]9 ]* M
of homeownership in Vancouver is still the highest in the country. House! b( \+ _( Y+ t7 ]; v
prices continue to rapidly decline and pricing power remains firmly in the
5 Q: E3 M3 y9 n" U7 C A, C, ihands of buyers with the sales-to-new listings ratio at historical lows. "This0 }% m* _8 }0 G0 g6 I% ^
enormous imbalance suggests that prices will likely further correct in the$ E7 f* s" X( e
months ahead," added Hogue.
: v% A' ^/ H0 Z2 K RBC's Affordability measure for a detached bungalow for Canada's largest
' J, o. N8 d; s# ycities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary. Q& ]; P0 f) h4 _& O5 _& Y
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
% d+ W. L! L# U- p9 P5 } The report also looked at mortgage carrying costs relative to incomes for) L% b+ }2 O n$ @3 B% e
a broader sampling of cities across the country, including Victoria. For these
' ]1 b5 s7 ]; L/ Ncities, RBC has used a narrower measure of housing affordability that only
2 S0 {# a% }- N, s% F/ Stakes mortgage payments relative to income into account.5 S( P- O4 j+ e8 q: ?6 U8 O4 ]
The Housing Affordability measure, which RBC has compiled since 1985, is9 \$ ^3 Z1 n5 ?" V* Y* e% |2 h, M4 L
based on the costs of owning a detached bungalow, a reasonable property0 L5 q5 t7 r7 v n# `% |- D
benchmark for the housing market. Alternative housing types are also presented8 V% ^& j3 O2 G2 l; J) J( Z
including a standard two-storey home, a standard townhouse and a standard$ t/ F f2 z' Z U! K8 l; f
condominium. The higher the reading, the more costly it is to afford a home.
' M- R/ {4 v: E' K3 @- g" ]For example, an Affordability reading of 50 per cent means that homeownership" Q, x6 q; n8 p3 w: O' ^
costs, including mortgage payments, utilities and property taxes, take up 50
9 `- ?; P9 V+ O, J+ cper cent of a typical household's monthly pre-tax income.
( l U1 [! j# F0 v( Q" L+ W- V# `! j2 W; V+ l
<<* k) g* Q( c5 s$ A( o) S5 A B. V
Highlights from across Canada:
3 w/ |% P7 e7 J
5 X" ?' i5 t1 U+ N - Alberta: Since last fall, the declining Alberta economy has- _, w# s: u; K4 x3 M& k
intensified the downdraft on the province's housing markets, causing
3 |7 _' h2 ?- F1 { home resales to drop to a 12-year low at the end of 2008 and rebound
" L5 X2 ?7 O3 i# q0 s& x only modestly since. Affordability has been on an improving track& x& S: s/ ~* g7 r: W! [
since about the middle of 2007.
2 I4 e3 l6 Z. {5 q - Saskatchewan: Market activity has cooled considerably from the* c" P4 p8 p: g* t/ D
frenzied pace from 2006 to early 2008 and prices have begun to- P! N+ |* U) f# _& q
decline. Nonetheless, economic and demographic fundamentals are still4 X7 j* `) A* `3 d& P+ x) J' y
largely supportive of the housing market and overshadow extremely
/ w- k1 `) s1 R/ z* D poor affordability levels.5 z i) [+ j1 O& H( c2 K6 z8 [2 P
- Manitoba: Manitoba's housing markets have fared much better than the
6 \; _/ S6 ]/ ]# a' b) [ vast majority in Canada: resale activity has slowed moderately and
- r9 O5 U8 x' t+ G+ h1 e/ p+ R2 D6 B" Y prices have either held their own or edged down just slightly.
& \1 _# b. O- X- Z Affordability has been kept out of the danger zone, helping to# _/ l2 |: v) L. E+ K
minimize any downside risks.
8 a2 h, x D4 ?- O3 U - Ontario: With the recession pounding many communities, housing market
/ _( k0 y1 S. H b1 I5 f* f conditions have deteriorated considerably. However, the impact is3 m5 G/ A' y) [7 A4 v
unlikely to develop into an all-out rout similar to that of the early
' \% ^2 ^5 n ]6 u# T2 O: w, k3 j 1990s. Affordability, while still causing some stress, is quickly. I# S( g0 o: \; {
being restored to levels closer to long-term averages.
# {4 O) p* A, ^4 V0 M( R5 e - Quebec: The province's housing markets have been among the last in6 Z' T8 Z( ]; H ^4 T' \
Canada to yield to the weakening trend. The main sign of cooling thus- c7 E0 b/ B( i) M- K: ]
far has been a drop in resale activity, as prices have held up4 }. N. J7 F- j% N2 }$ j0 @
reasonably well. Some of the persisting market strength can be9 w3 l! _0 g% r' N
ascribed to sensible affordability levels, which had eroded only! l( m% {; F) W* i4 t4 n7 J
modestly in recent years.
5 ^( L6 `; Y8 C+ l8 d; |( v/ p! R - Atlantic region: Markets have largely remained stable against the5 g- W+ K S& E, y# @/ J2 F1 _
general housing downturn, with St. John's becoming the housing hot
: K8 C# U5 g' r8 M9 D% X spot in Canada and Halifax and Saint John maintaining steady upward
$ ^2 |# i R: W$ u* k% j' ` price momentum. The region is benefiting from improving affordability
, B% E8 s. f; \- @/ e following two years of deterioration.. v- L) |: |9 S* l5 E
>> |
|
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
