 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
* d: T/ A* c4 V+ i3 g TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the/ \/ P0 J" l" }9 B. m4 n
middle of a significant correction that is partly reversing the extensive
# W9 i: ]0 ^* w0 K$ q' Cgains of recent years and which is helping restore affordability conditions,# E2 f. I: a. j( \6 a- k
according to the latest housing report released today by RBC Economics.
8 N& `4 a1 V/ K, f "The province's housing markets remain under heavy downward pressure,"
$ e/ Y; X8 F+ F3 nsaid Robert Hogue, senior economist, RBC. "While housing affordability is
6 \& L" Y4 V) R7 }- y7 T* S- iimproving as the correction process runs its course. RBC's affordability# j4 l% Y+ a% ~& y7 W/ K
measures for the province are still at levels far off historical averages."
2 m! |2 k' T$ [3 y& k4 m( J RBC notes that the sharp rise in unemployment since last summer is! K6 P8 A" @0 W; f3 t9 b4 H- j) `
worrying households in the province and weighing down demand for housing,6 B' l2 Q* B! z1 V1 v
which runs well short of available supply. Such weak market conditions have" m/ N9 m+ c' t4 A- ~$ q
sustained the declining trend in prices for both existing and new homes." M- i, x+ _0 C+ Z# E: u' U
The RBC Affordability measure for British Columbia, which captures the* }# A7 e- b( t8 F6 H7 J
proportion of pre-tax household income needed to service the costs of owning a
6 _" P _( S% Ghome, improved across all housing segments in the last quarter of 2008.
- r" Z0 h2 Q0 {Affordability of detached bungalows in the province moved to 66 per cent, the, T0 d( O- `) h+ B
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and, i+ g: a" v0 d4 J# g7 v
the standard two-story home to 73.7 per cent.
X1 e7 w% }! g! i9 m$ U0 g8 H According to the report, there are signs that the B.C. housing markets' K( e1 F& V% c
may be stabilizing as sales of existing homes appear to have bottomed out in- ~; K; u5 w9 M$ I7 {* @( }
the closing months of 2008 and the first two in 2009 - although at
, w* l/ i4 g! C$ c. a6 @8 Whistorically depressed levels.* ]3 F1 j( f5 C, A
Despite sharply declining house prices and lower mortgage rates, the cost
/ ~; M: B2 _ M5 x$ t& f- P2 Eof homeownership in Vancouver is still the highest in the country. House
4 V( w* v+ w' O& Uprices continue to rapidly decline and pricing power remains firmly in the! ~5 b* W/ L$ V+ z# ~7 z
hands of buyers with the sales-to-new listings ratio at historical lows. "This
- n) N: @+ J& Q+ w' Tenormous imbalance suggests that prices will likely further correct in the- `8 p& k! _4 X( A) x
months ahead," added Hogue.7 w; a# [# X- u: z4 v' M4 w
RBC's Affordability measure for a detached bungalow for Canada's largest
. B2 k C+ C; l- \* a3 }- H: {cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
' F- _7 {+ _; S42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
/ v6 u' S: n1 R' Z. ^ The report also looked at mortgage carrying costs relative to incomes for
+ {2 Y; H2 s9 `a broader sampling of cities across the country, including Victoria. For these
$ ^) @$ U3 x! |cities, RBC has used a narrower measure of housing affordability that only# S9 m, N6 G' W: x3 g' s
takes mortgage payments relative to income into account.$ U$ s- ~+ Y" H% u' ]' S" v
The Housing Affordability measure, which RBC has compiled since 1985, is
' r% X: |( K3 ~1 W+ U. U/ Sbased on the costs of owning a detached bungalow, a reasonable property
1 T$ ]5 E& T9 O1 {benchmark for the housing market. Alternative housing types are also presented
$ m' v+ I3 ^, Mincluding a standard two-storey home, a standard townhouse and a standard D- F* Z+ H9 l7 c: x
condominium. The higher the reading, the more costly it is to afford a home.
7 \ b" o4 S* m; q. JFor example, an Affordability reading of 50 per cent means that homeownership) `- v$ B5 c7 ~" ? V5 b5 L4 w
costs, including mortgage payments, utilities and property taxes, take up 50; ^* G+ s; G* h9 m# X
per cent of a typical household's monthly pre-tax income.
9 _0 V, l6 Y' M/ h( k
( L) r2 U% {& C' H7 y- y; ] <<
) d/ D) _+ U. v4 [! Q' ]: y Highlights from across Canada:* O! j7 Y- l* C7 ~
- h: h6 V4 z- A - Alberta: Since last fall, the declining Alberta economy has( u+ z1 ?9 K3 i- S4 M0 u
intensified the downdraft on the province's housing markets, causing
9 d* R" \2 C. j1 c1 t home resales to drop to a 12-year low at the end of 2008 and rebound3 i3 \1 r& u7 m) Q8 K3 E
only modestly since. Affordability has been on an improving track) ^6 m6 A* l F* O# d1 S
since about the middle of 2007./ G- y/ B. P+ p8 m
- Saskatchewan: Market activity has cooled considerably from the
+ p) X6 g5 J. Z$ ~* e: z$ X0 f+ v frenzied pace from 2006 to early 2008 and prices have begun to1 M4 r( o8 \& s. G: U' T. x0 E
decline. Nonetheless, economic and demographic fundamentals are still* H9 t: D6 v x& ~# k
largely supportive of the housing market and overshadow extremely3 N: m+ s7 ^6 \( E& d
poor affordability levels.; I# z1 o' p& r- |$ g
- Manitoba: Manitoba's housing markets have fared much better than the7 o* b9 M$ }9 O
vast majority in Canada: resale activity has slowed moderately and3 \- b* O6 A# l3 Y
prices have either held their own or edged down just slightly.
s5 R e; F* O- v0 O/ ]8 n `! X+ R Affordability has been kept out of the danger zone, helping to
" c0 \* m% O* {6 x2 }; \ minimize any downside risks.
! a5 ?) s0 a s5 Y" V0 F4 y. U - Ontario: With the recession pounding many communities, housing market
, _0 Z B# t4 a conditions have deteriorated considerably. However, the impact is& E( C* Y3 @" L7 ?% @& T
unlikely to develop into an all-out rout similar to that of the early
U N1 O, c p3 n 1990s. Affordability, while still causing some stress, is quickly
( q" V3 u, C" o. I; W& ? being restored to levels closer to long-term averages.
1 a+ N$ R$ X4 N E$ q - Quebec: The province's housing markets have been among the last in% U- C9 C1 d7 g4 `3 c. G9 e# k5 i
Canada to yield to the weakening trend. The main sign of cooling thus
- w, h6 S6 w* O9 }' G. N far has been a drop in resale activity, as prices have held up, f2 w/ P6 ` k7 }( E
reasonably well. Some of the persisting market strength can be
$ X: ^- z4 c: W ascribed to sensible affordability levels, which had eroded only
+ L4 q7 g# a8 e. `% A modestly in recent years.8 X% s' j8 `/ t. d$ ?! g6 g
- Atlantic region: Markets have largely remained stable against the- v6 P. ]2 w. |
general housing downturn, with St. John's becoming the housing hot
& C: Z" ?- `" Z5 j/ H* E spot in Canada and Halifax and Saint John maintaining steady upward9 R8 \$ A9 ? q4 \ f+ t
price momentum. The region is benefiting from improving affordability0 F! X: S1 I! \. h& L2 r
following two years of deterioration.# ^, n \6 M! L4 w
>> |
|
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
