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ZT: Cost of home ownership continues to rise: RBC+ x* b s. G3 }% H1 ~- j3 N
; B, N# @- E1 Z+ y; [+ a6 vCanadian Press% w: ]9 ~4 P8 _+ ~0 d8 F4 G! z5 C
4 ] O- l X: N; w) ~; dWednesday, September 12, 2007* Y4 l9 s9 ]/ I& H) ~# W! q
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TORONTO — The cost of owning a home in Canada continued to climb in the second quarter as affordability in Western Canada showed the biggest change, according to a new report by the Royal Bank.
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Saskatchewan suffered its worst ever quarterly deterioration of affordability on record, according to the bank, as an influx of people caught the housing supply off guard.8 J% _8 K3 T' A6 f
3 B. Y' ?+ Z" |“In the second quarter, Canada's housing affordability experienced one of the largest and most broadly based quarterly deteriorations since the mid-1990s,” said Derek Holt, assistant chief economist, RBC.$ d, S7 W @4 _# z( \" c; q
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“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”# R6 E x5 f. j; V4 `* I6 W
$ n; r$ F" E$ HThe report measures the proportion of pre-tax household income needed to service the costs of owning a home. The higher the reading, the more costly it is to afford a home+ h2 R$ r+ p Q# h
# n9 s+ ?& j0 V. @) r1 YThe bank said a standard condo was the most affordable, requiring about 29 per cent of income compared with 27.5 per cent in the first quarter.$ j) r- d% W6 Q- z7 N7 k9 g
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A standard townhouse was next at 33 per cent, up from 31.5 per cent in the first quarter followed by a detached bungalow which increased from 39 per cent to 41 per cent in the second quarter.
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) y9 a, I' W9 H4 o1 s0 {4 iA standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.
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Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.4 @0 j6 D8 `! L6 y* N
; n9 `6 A- S& D+ W" b R+ rAffordability fell about 20 per cent in Saskatchewan with no signs that prices were letting up yet, but the bank said the high prices were starting to weigh on demand.+ k* ^# {" B: k& _% j, Q/ ]
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Among Canada's largest cities, a detached bungalow in Vancouver was the most expensive with the proportion of pre-tax household income needed to own a home coming in at 71 per cent. Toronto and Calgary followed at 45 per cent, Montreal at 36 per cent and Ottawa at 31 per cent.
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“Market conditions in Vancouver have loosened up during the year, but conditions remain tilted in favour of a seller's market and are still supportive of fairly strong price gains,” the report said. |
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发表于 2007-9-12 08:55
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