 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
3 I a/ I& j% R7 f: l' b TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
$ `+ z0 n3 r' p& |middle of a significant correction that is partly reversing the extensive
1 d/ f$ z- X. `gains of recent years and which is helping restore affordability conditions,
) X0 _9 S- t9 }; _- T( yaccording to the latest housing report released today by RBC Economics.
- q( Y6 L) ~, O5 o& H( ] "The province's housing markets remain under heavy downward pressure,"
& F1 R! w- ?9 [% j6 D% ]said Robert Hogue, senior economist, RBC. "While housing affordability is
' _5 g6 h4 r0 \, M! D7 c: Himproving as the correction process runs its course. RBC's affordability* e% I9 Y1 {% r5 W( b
measures for the province are still at levels far off historical averages.") f8 v, q8 ~* j7 R: P" w4 O% b
RBC notes that the sharp rise in unemployment since last summer is0 U% e. C. h& }
worrying households in the province and weighing down demand for housing,5 V0 u. w& M- h/ |( ?
which runs well short of available supply. Such weak market conditions have+ ~) \2 t% K% J! w( k
sustained the declining trend in prices for both existing and new homes.( h# {6 R8 I. |3 r' u4 G8 R
The RBC Affordability measure for British Columbia, which captures the
$ |% g0 ]2 o# V! aproportion of pre-tax household income needed to service the costs of owning a
2 Q: \8 G& B& t0 }4 Bhome, improved across all housing segments in the last quarter of 2008.! d+ I" b, k' [9 W" c
Affordability of detached bungalows in the province moved to 66 per cent, the) p- U' `4 I3 O& W
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
0 n7 R# G- z4 I( {" t, Kthe standard two-story home to 73.7 per cent.
# [$ a7 ^0 r) x+ x$ N8 S According to the report, there are signs that the B.C. housing markets
0 \! V& O+ g8 I) Y* ?may be stabilizing as sales of existing homes appear to have bottomed out in
$ {3 A b3 b3 Nthe closing months of 2008 and the first two in 2009 - although at
% o2 |! e2 w+ o; u# p0 Uhistorically depressed levels.
; K, u# f' \$ n' W- n( i9 I Despite sharply declining house prices and lower mortgage rates, the cost! J4 Q: `7 K2 a; I W( r" o7 I
of homeownership in Vancouver is still the highest in the country. House( g% d$ Q( Y. ^ d
prices continue to rapidly decline and pricing power remains firmly in the- Q4 Q( ^. P) G' \ p# f2 e
hands of buyers with the sales-to-new listings ratio at historical lows. "This3 X; s) k3 s9 Q4 U* d" @
enormous imbalance suggests that prices will likely further correct in the
O! |- h/ W$ d u* h, L0 {months ahead," added Hogue.# w; j1 _$ M4 }. i7 V
RBC's Affordability measure for a detached bungalow for Canada's largest
2 U/ I: i4 V6 _0 Z8 g: Qcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
0 e9 Y9 y) S+ `42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.( O6 h$ U8 O+ O$ Q# @, o9 h1 {
The report also looked at mortgage carrying costs relative to incomes for8 h+ r" C. T. C* M' ?" ^
a broader sampling of cities across the country, including Victoria. For these
* O) O6 g9 D K" ycities, RBC has used a narrower measure of housing affordability that only
* F2 {2 N# P; w( R% R' s5 Xtakes mortgage payments relative to income into account.. R/ n7 p7 o% F% q$ k
The Housing Affordability measure, which RBC has compiled since 1985, is; _# R$ n1 F1 H* f. _2 t
based on the costs of owning a detached bungalow, a reasonable property
% [( C, r) U3 c$ M( N3 dbenchmark for the housing market. Alternative housing types are also presented
1 Z( U: |/ o8 k1 x( Z: bincluding a standard two-storey home, a standard townhouse and a standard
, W5 g1 L6 S- n) ycondominium. The higher the reading, the more costly it is to afford a home.
; r: v; @, o0 Y7 G, PFor example, an Affordability reading of 50 per cent means that homeownership8 Z2 t" W9 L1 {% r2 J
costs, including mortgage payments, utilities and property taxes, take up 50" t9 |$ G% H. C C) M
per cent of a typical household's monthly pre-tax income.- F1 ?% Z" { _' q5 C' E- Q
3 u0 C( U6 G7 k0 w- N1 i5 r
<<
/ h& t* y/ ^4 l/ m# K, Z8 D Highlights from across Canada:! R+ Q: [7 Y* }, [8 f; `' h
: }+ u6 O$ w, E! i* o5 [
- Alberta: Since last fall, the declining Alberta economy has' M8 w3 Z9 r4 M, \6 q2 C
intensified the downdraft on the province's housing markets, causing4 U" E. h2 P! n2 y% H |7 J
home resales to drop to a 12-year low at the end of 2008 and rebound# G n; K% W4 U$ [
only modestly since. Affordability has been on an improving track5 [( D' V( F8 O) m2 V. x
since about the middle of 2007.
* L# s8 f: Z4 [% V7 s. @ - Saskatchewan: Market activity has cooled considerably from the
/ m9 o% @1 ?3 x6 P frenzied pace from 2006 to early 2008 and prices have begun to4 q" t f; A1 Y& L( E
decline. Nonetheless, economic and demographic fundamentals are still
+ G# D6 `- X3 p largely supportive of the housing market and overshadow extremely6 c+ D3 ]2 Z$ ~% l& {
poor affordability levels.
8 f# A& T& h% \5 d u; B - Manitoba: Manitoba's housing markets have fared much better than the
% K) L; w/ v: _8 M+ T3 m/ c vast majority in Canada: resale activity has slowed moderately and& Q) p' q6 j: t: l/ H; I2 Q
prices have either held their own or edged down just slightly.
7 Q9 B/ l6 K; Z, |+ ^ Affordability has been kept out of the danger zone, helping to
! d, V$ h/ N" i5 A, y7 X8 j minimize any downside risks.
/ T& C% d, K: I6 T) K - Ontario: With the recession pounding many communities, housing market
6 ]5 k; W+ |) i* I conditions have deteriorated considerably. However, the impact is
2 W- e/ V$ ]9 O/ L3 @8 a unlikely to develop into an all-out rout similar to that of the early
g5 j$ @' `/ [! K6 }/ s! J 1990s. Affordability, while still causing some stress, is quickly
& [9 x/ o2 V0 N2 z! m being restored to levels closer to long-term averages." i! ]3 K" n4 M! D1 g6 L$ o
- Quebec: The province's housing markets have been among the last in+ ? f' y/ @( P' d5 \7 d, j
Canada to yield to the weakening trend. The main sign of cooling thus/ x" d) }4 @8 ^1 }! g' p) M
far has been a drop in resale activity, as prices have held up% w4 e" T# m. S) ~* {3 d+ w
reasonably well. Some of the persisting market strength can be
s+ M) k' J1 R+ a1 { ascribed to sensible affordability levels, which had eroded only
, c' C/ c* H5 |" q5 I modestly in recent years.
1 l# T" Y" e4 m - Atlantic region: Markets have largely remained stable against the# L' S, l& s9 z
general housing downturn, with St. John's becoming the housing hot
- s5 _+ \5 X3 }6 r% | spot in Canada and Halifax and Saint John maintaining steady upward$ f! C0 b# S+ f) T+ S/ Q
price momentum. The region is benefiting from improving affordability
* M2 g, M- Q% \. E2 S6 x* C% b following two years of deterioration.9 ^- l! X% S( Q8 s
>> |
|
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
