 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
' z+ a O4 _) L! S* C( R TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the d0 P1 k5 B$ A/ D U
middle of a significant correction that is partly reversing the extensive
j4 }0 t: f& g5 ], y9 rgains of recent years and which is helping restore affordability conditions,0 E/ S1 u0 d8 S- n8 U" ^1 U
according to the latest housing report released today by RBC Economics.
& t- L- A5 y0 M. \# N "The province's housing markets remain under heavy downward pressure,"
8 [7 ~, Y; c/ }, ]9 ksaid Robert Hogue, senior economist, RBC. "While housing affordability is
1 Z" F q- o$ J# iimproving as the correction process runs its course. RBC's affordability
; J( O9 i& a! Umeasures for the province are still at levels far off historical averages."' [, ~$ G, R5 b1 @# W; n
RBC notes that the sharp rise in unemployment since last summer is
* Q8 v7 v& M" s$ Z) mworrying households in the province and weighing down demand for housing,
7 M5 r6 D( v+ j/ \: [1 Xwhich runs well short of available supply. Such weak market conditions have
" o5 n7 n- z) U+ i. l$ `sustained the declining trend in prices for both existing and new homes.
6 N( M/ X; |) Y& j) T The RBC Affordability measure for British Columbia, which captures the
4 l; l. @; f% u" J4 S2 c$ jproportion of pre-tax household income needed to service the costs of owning a
9 X. {: q4 P+ Y1 @" Z0 O1 ehome, improved across all housing segments in the last quarter of 2008.
4 u4 p7 d" b$ s# t) r! JAffordability of detached bungalows in the province moved to 66 per cent, the
" M- s% A9 t6 R4 v1 [3 |' Q' Fstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
n k" E) y; ]% r( r6 `9 @the standard two-story home to 73.7 per cent.
8 U4 t) N8 B+ W According to the report, there are signs that the B.C. housing markets, q* ]8 K- n" k Y: W T
may be stabilizing as sales of existing homes appear to have bottomed out in
$ f& D; n; X" X" u9 cthe closing months of 2008 and the first two in 2009 - although at6 _! B* `. h, G$ Q% l3 z
historically depressed levels.! o# r! p* f5 G1 x1 Q
Despite sharply declining house prices and lower mortgage rates, the cost
+ \, E1 A9 Z. k0 vof homeownership in Vancouver is still the highest in the country. House' F% R) t: _% W) \" F
prices continue to rapidly decline and pricing power remains firmly in the
; {- t2 K) s* W; dhands of buyers with the sales-to-new listings ratio at historical lows. "This
3 S( H* ]2 C8 M1 Renormous imbalance suggests that prices will likely further correct in the
* I' V& J* g! y5 w" P$ A7 m+ Lmonths ahead," added Hogue. f4 a* t0 w9 ?: L% L
RBC's Affordability measure for a detached bungalow for Canada's largest3 g! g, s; h+ g' S. ^/ i
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
, G) P$ J( z7 y+ B' j42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.9 `/ D! ], P9 C0 U* w- H; m
The report also looked at mortgage carrying costs relative to incomes for. J1 c0 P1 I7 t% G/ a% F* e
a broader sampling of cities across the country, including Victoria. For these' X# Z2 Q0 F: B/ w1 M1 ]
cities, RBC has used a narrower measure of housing affordability that only
p ?. S" l( g6 U5 Rtakes mortgage payments relative to income into account.
2 D$ q5 ^: B5 L4 x x$ d+ k The Housing Affordability measure, which RBC has compiled since 1985, is
0 j* ^. w3 ]5 [- B2 _6 X* x$ gbased on the costs of owning a detached bungalow, a reasonable property
( E2 |4 \( O6 v' n0 Z+ Y! {5 Ybenchmark for the housing market. Alternative housing types are also presented1 Z+ G$ o) o- |
including a standard two-storey home, a standard townhouse and a standard
+ p4 i( j8 ]7 T' w4 `condominium. The higher the reading, the more costly it is to afford a home.
/ y J: I. Y- e! v& \For example, an Affordability reading of 50 per cent means that homeownership- ?4 q4 ]! H" B+ w, Q! ^
costs, including mortgage payments, utilities and property taxes, take up 50
4 A6 Z( i& Y1 _, |! Y% W; K1 aper cent of a typical household's monthly pre-tax income.6 P6 `! Q$ L, z* p7 q+ w1 D. S
% z# G* K/ E% j/ Q+ S F
<<" j6 m( D$ w+ v. l/ n4 C
Highlights from across Canada:* u6 [0 U* j1 V1 d2 I: q
% Q2 O4 G4 d9 }/ d& V6 `9 X1 k - Alberta: Since last fall, the declining Alberta economy has4 N# G4 j8 c1 z9 G2 @, q4 F7 f
intensified the downdraft on the province's housing markets, causing; c. C! {3 s& ^4 L7 O4 B& u
home resales to drop to a 12-year low at the end of 2008 and rebound$ [* p$ t6 L7 {, z% E
only modestly since. Affordability has been on an improving track- l+ u# Z+ A7 ]( d# u0 B
since about the middle of 2007.$ @- _8 q# Z* r/ T# |, j
- Saskatchewan: Market activity has cooled considerably from the- y' h: m, }% A, p
frenzied pace from 2006 to early 2008 and prices have begun to% c0 P* h$ J5 S! j0 x7 N
decline. Nonetheless, economic and demographic fundamentals are still
! `; d& v( |& T. ]+ ~2 b largely supportive of the housing market and overshadow extremely. r% [" G2 T% c0 b% o" O& ]+ U" n7 ]
poor affordability levels.) H! @; {" i2 T$ p- `( R; l
- Manitoba: Manitoba's housing markets have fared much better than the
, r- e9 V8 V: V' D0 c vast majority in Canada: resale activity has slowed moderately and
4 e+ H S) L/ j7 F0 @" } prices have either held their own or edged down just slightly.
- o; ~# h( @& ?" y y/ U# I+ |4 t Affordability has been kept out of the danger zone, helping to4 |+ X7 A0 f& t1 s
minimize any downside risks.
Y; w- x" Q- V2 f - Ontario: With the recession pounding many communities, housing market6 }, Q3 F3 K1 e/ E& i' |
conditions have deteriorated considerably. However, the impact is2 e2 t. L2 x& w: R/ q
unlikely to develop into an all-out rout similar to that of the early) I& }4 A9 Q9 Y2 c! I
1990s. Affordability, while still causing some stress, is quickly
# ~6 P7 J2 z1 a3 K. ?; r: }8 l' T being restored to levels closer to long-term averages.2 j+ A- _2 O+ {, Y0 P# O! P
- Quebec: The province's housing markets have been among the last in. f8 l1 M& s6 @. `5 m
Canada to yield to the weakening trend. The main sign of cooling thus
1 x, l; ^0 @7 I! P* g6 T# ] far has been a drop in resale activity, as prices have held up! @$ K+ n8 r8 Q- d% r
reasonably well. Some of the persisting market strength can be/ X" I: b' i6 `% G m
ascribed to sensible affordability levels, which had eroded only4 v( r" p0 G# f
modestly in recent years./ y) u& U3 p% [0 j7 t( c
- Atlantic region: Markets have largely remained stable against the8 [' R" a" O. a" W
general housing downturn, with St. John's becoming the housing hot
) c4 D- ^( v4 V _ spot in Canada and Halifax and Saint John maintaining steady upward* O& x$ D+ W5 t( S6 o
price momentum. The region is benefiting from improving affordability
2 v' l! x' H+ D+ y& g# Y! T/ W following two years of deterioration.
, e' l; {: E7 d2 Q! F% @ >> |
|
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
