 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
7 c, l6 o9 s3 D% |+ a TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
E" ?! P- p8 w6 z: h2 Qmiddle of a significant correction that is partly reversing the extensive
! T3 y$ U0 r& ` g; fgains of recent years and which is helping restore affordability conditions,- m- y# ]1 r" K5 S% a: G
according to the latest housing report released today by RBC Economics.8 O' }0 D0 f& {# [) u
"The province's housing markets remain under heavy downward pressure,"; }. _9 a8 F( V ]7 I# d4 g
said Robert Hogue, senior economist, RBC. "While housing affordability is
6 w9 B3 c9 b$ r) ~* Mimproving as the correction process runs its course. RBC's affordability/ P+ z D* O* ~" }
measures for the province are still at levels far off historical averages."
0 x0 \6 w4 A8 Y* q; f7 _* X RBC notes that the sharp rise in unemployment since last summer is
. p7 ]5 L' O' h9 C) a9 w4 H4 wworrying households in the province and weighing down demand for housing,1 d( l7 o0 e! V7 M
which runs well short of available supply. Such weak market conditions have
$ w3 d, b |. gsustained the declining trend in prices for both existing and new homes.
3 O2 Q2 D F% M$ g* d$ X The RBC Affordability measure for British Columbia, which captures the
6 P3 q9 [$ ~, v j' T( Uproportion of pre-tax household income needed to service the costs of owning a5 a- m6 O& G* H$ ^
home, improved across all housing segments in the last quarter of 2008.
/ p: q ^: Y! W& y- B& nAffordability of detached bungalows in the province moved to 66 per cent, the
; F: D4 X$ c n9 l& Z7 v; Nstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
/ a% J0 Z+ ]( {# [4 C0 L6 Pthe standard two-story home to 73.7 per cent.9 l' q# `) r# p% ^6 [" y: {9 `3 ^
According to the report, there are signs that the B.C. housing markets
1 f; T& ?/ ^: hmay be stabilizing as sales of existing homes appear to have bottomed out in" N# E7 H7 N" I6 V: g/ ]$ c
the closing months of 2008 and the first two in 2009 - although at8 T% g( W9 ~0 r! {9 c, |7 \6 ~
historically depressed levels.
$ H4 U. X( v, P; h. J" e Despite sharply declining house prices and lower mortgage rates, the cost
M. Q3 R: @# K, K# Fof homeownership in Vancouver is still the highest in the country. House2 f1 t. B" |8 A/ D5 n J
prices continue to rapidly decline and pricing power remains firmly in the
0 b0 C/ W2 r5 B! W) khands of buyers with the sales-to-new listings ratio at historical lows. "This
$ L( x2 K, ^0 e$ U; \) uenormous imbalance suggests that prices will likely further correct in the
/ L2 ^# v3 i8 x- o; \( Q* W1 j8 smonths ahead," added Hogue.4 Z7 W( g( s: H; E; v
RBC's Affordability measure for a detached bungalow for Canada's largest* i7 C- k0 c9 Z+ V: O) N
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
9 u6 T$ D6 H- a3 `! E42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
9 E9 ^: q; O0 D" [; l& Q The report also looked at mortgage carrying costs relative to incomes for' d0 {3 C! _4 t: K7 g
a broader sampling of cities across the country, including Victoria. For these- F% O3 j! z& C( Y/ t P: w- C$ P
cities, RBC has used a narrower measure of housing affordability that only
+ l) k) a; g- Htakes mortgage payments relative to income into account.0 {: t& | }9 T0 O
The Housing Affordability measure, which RBC has compiled since 1985, is
9 ?0 Y$ x2 Q$ |8 [# obased on the costs of owning a detached bungalow, a reasonable property. }4 e$ m" e4 s3 C
benchmark for the housing market. Alternative housing types are also presented
: [/ ~1 V5 l5 ?; X# f8 E8 |including a standard two-storey home, a standard townhouse and a standard
$ |9 H0 ~7 J3 }8 Hcondominium. The higher the reading, the more costly it is to afford a home.
/ y& G1 ]% p; V" Y' iFor example, an Affordability reading of 50 per cent means that homeownership
8 D# C# `9 x: o# q9 t# C8 B) ]costs, including mortgage payments, utilities and property taxes, take up 50
! {, X2 l; t% O$ S5 q8 m+ D; P' Xper cent of a typical household's monthly pre-tax income.
9 S5 M" ^+ l2 `" x4 u, Q8 s$ k c
0 o* I, W6 J% Q5 R4 ^! I <<# @' {+ w/ R( s" M. G* I
Highlights from across Canada:/ h8 y+ v2 X/ n( a3 y
: U' q6 L6 ]. L- l1 q - Alberta: Since last fall, the declining Alberta economy has
2 a" {9 t9 f. G5 b1 y; q/ @ intensified the downdraft on the province's housing markets, causing6 {" I1 k6 p& Y; D
home resales to drop to a 12-year low at the end of 2008 and rebound* m' \5 {9 y/ r" ~- u% b
only modestly since. Affordability has been on an improving track4 |8 @0 s* H: n4 \% o. ]' J
since about the middle of 2007.
6 P3 s3 T! ~2 l! y: @: E( t. @$ a - Saskatchewan: Market activity has cooled considerably from the! t& t0 O" v: E5 p) [* g
frenzied pace from 2006 to early 2008 and prices have begun to
7 P$ ]2 \+ g5 B- o decline. Nonetheless, economic and demographic fundamentals are still5 L: P6 }* M9 c) z6 {9 [( h9 ]: g% s
largely supportive of the housing market and overshadow extremely0 P; O5 C3 M2 l. G, J8 e" G
poor affordability levels.
6 r* I' R( B- d) i2 G2 D - Manitoba: Manitoba's housing markets have fared much better than the
, i; ^$ r' V+ J4 }, Y% x vast majority in Canada: resale activity has slowed moderately and' ]& A& u4 m% T$ _8 f5 n1 e
prices have either held their own or edged down just slightly.3 X& Q# k0 N: C, ~% U8 b
Affordability has been kept out of the danger zone, helping to) n! z2 K- G3 ?0 S U
minimize any downside risks.* E8 z9 i& B2 B( q8 h
- Ontario: With the recession pounding many communities, housing market
7 f8 r( |: |: _+ ^9 W conditions have deteriorated considerably. However, the impact is
: q0 U" | s O, c unlikely to develop into an all-out rout similar to that of the early; g& s2 A, i! u/ m+ }. t
1990s. Affordability, while still causing some stress, is quickly$ y9 x& c5 k8 ^8 {6 e
being restored to levels closer to long-term averages.
6 d0 }7 f$ W2 d* K2 `; j - Quebec: The province's housing markets have been among the last in3 `8 {, X. O5 T5 I
Canada to yield to the weakening trend. The main sign of cooling thus) I( x( q# V- W# T- T4 m% s
far has been a drop in resale activity, as prices have held up5 g' o h( T, ]
reasonably well. Some of the persisting market strength can be
* S, @/ G d7 ]* y! C0 s2 L ascribed to sensible affordability levels, which had eroded only
5 Q1 f4 S+ g/ r modestly in recent years.
% q) v: b% a$ p. } - Atlantic region: Markets have largely remained stable against the
; B d! K" q& x, J4 [ general housing downturn, with St. John's becoming the housing hot
; l1 N3 i* g: g spot in Canada and Halifax and Saint John maintaining steady upward
7 T! G8 D& T! D* V+ m8 M price momentum. The region is benefiting from improving affordability
8 x) N5 G! ~/ W- l q; _ following two years of deterioration.
( g) ]/ v7 s( Q) `: Q: |) U4 i >> |
|
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
