 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC 5 M% ~- [% z% X: y- T% T
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
8 x) g0 A* B0 ~1 F7 | @$ q% H. _middle of a significant correction that is partly reversing the extensive/ e# N' |$ J: ~7 x' @, a
gains of recent years and which is helping restore affordability conditions,$ j& [' {8 r- E8 [1 b( o
according to the latest housing report released today by RBC Economics.
( n+ l& W6 ]1 j" m6 g0 }8 { "The province's housing markets remain under heavy downward pressure,"" V( G+ E% Z" q1 ^
said Robert Hogue, senior economist, RBC. "While housing affordability is
1 ^- j2 _9 r- B. ^) W' o: d5 Vimproving as the correction process runs its course. RBC's affordability; b4 ~9 `0 [% n. e" @& j$ F
measures for the province are still at levels far off historical averages."4 C8 g0 Z0 Z9 r2 ^* [) ^- i4 ^; w
RBC notes that the sharp rise in unemployment since last summer is
( i8 l2 Z+ F7 Cworrying households in the province and weighing down demand for housing,
( Q W7 G6 \- ]( R* E% r7 l7 l/ ?which runs well short of available supply. Such weak market conditions have* |) c" c& e; z: [4 q) A7 n) j
sustained the declining trend in prices for both existing and new homes.& m3 f# _: D+ F& c, G5 }
The RBC Affordability measure for British Columbia, which captures the
8 R5 G- w# [/ Vproportion of pre-tax household income needed to service the costs of owning a
2 I$ l8 z! u+ w. @8 yhome, improved across all housing segments in the last quarter of 2008.- b+ ]; J8 U5 ]) {# W! m
Affordability of detached bungalows in the province moved to 66 per cent, the
; Q: q- M3 {6 Y8 E: bstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and0 y. ?: |1 N" X: U+ E+ X% o0 Q
the standard two-story home to 73.7 per cent.9 V3 h" l D! n, f/ q- p, \
According to the report, there are signs that the B.C. housing markets
; Y$ t5 w+ H9 @6 l3 z6 S2 rmay be stabilizing as sales of existing homes appear to have bottomed out in1 C- r2 t$ |2 C& ^9 {5 z
the closing months of 2008 and the first two in 2009 - although at
; Q& \$ I1 o, }3 ^/ P) @* Zhistorically depressed levels.& j' H' y5 Z. h5 ?* N! a& @' U
Despite sharply declining house prices and lower mortgage rates, the cost4 A& W9 V: b0 h1 a4 ?$ F
of homeownership in Vancouver is still the highest in the country. House' Q' c; N: b7 |4 x: s5 ~ B& V
prices continue to rapidly decline and pricing power remains firmly in the
% a( s- E* U0 r7 Zhands of buyers with the sales-to-new listings ratio at historical lows. "This
! j, [3 s1 B$ y; i/ Renormous imbalance suggests that prices will likely further correct in the
" `& F0 a' `. U/ V+ ^( gmonths ahead," added Hogue./ v# \( J- y" a9 ^
RBC's Affordability measure for a detached bungalow for Canada's largest3 i) a0 A; @% d& b4 @
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
) a# W6 E G4 {$ S% h42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
, ^/ s6 ]: P4 N2 d8 D8 A8 V+ T( K The report also looked at mortgage carrying costs relative to incomes for+ P8 K5 }7 v( U* F5 F( v/ [" Y! b
a broader sampling of cities across the country, including Victoria. For these
( b% h4 Y7 X& I. z( mcities, RBC has used a narrower measure of housing affordability that only
3 K# B6 S# }" g. B5 s+ r8 P, _ qtakes mortgage payments relative to income into account.6 L& j1 l8 Q6 d. x" X
The Housing Affordability measure, which RBC has compiled since 1985, is
# }6 N( @" R& i" Wbased on the costs of owning a detached bungalow, a reasonable property1 B# N8 f/ X8 @8 K: _
benchmark for the housing market. Alternative housing types are also presented7 X, O$ W7 m0 I* \$ J$ I
including a standard two-storey home, a standard townhouse and a standard
+ t( n/ ^( Z- l% ]2 \condominium. The higher the reading, the more costly it is to afford a home.
9 _3 T) B0 W3 k4 fFor example, an Affordability reading of 50 per cent means that homeownership
6 D" H. ]- C( ocosts, including mortgage payments, utilities and property taxes, take up 50! C1 D5 U/ l7 H2 h3 Y7 t3 C
per cent of a typical household's monthly pre-tax income.
1 h0 {% Z4 k+ x# o; `8 a( l& |' \0 L' E/ `
<<- g( t* S9 [+ \6 E
Highlights from across Canada:
, l1 R$ _. ]" J _9 g/ U; ]
C7 x, H7 ^ N5 V8 [" ^( o - Alberta: Since last fall, the declining Alberta economy has3 S/ B. C+ S/ N% p# r6 l& i4 C
intensified the downdraft on the province's housing markets, causing. G8 g, O2 E' m
home resales to drop to a 12-year low at the end of 2008 and rebound
. d. v7 Y( e t/ T only modestly since. Affordability has been on an improving track0 o% `& n6 T, }9 F
since about the middle of 2007.: [! R; o! I3 u) h- F
- Saskatchewan: Market activity has cooled considerably from the. _; \9 A3 t, k1 i3 N
frenzied pace from 2006 to early 2008 and prices have begun to
' n5 _/ k; d8 o* d( _7 g3 ?$ ? decline. Nonetheless, economic and demographic fundamentals are still
6 N# Q, B1 M: p+ D largely supportive of the housing market and overshadow extremely! r4 s! `& p8 Z3 |1 s' D9 c
poor affordability levels.
1 d! t" q* I- L; p" A* S7 `8 H - Manitoba: Manitoba's housing markets have fared much better than the# E9 Y6 U. ~6 p7 P- f/ N& H8 X% k- o
vast majority in Canada: resale activity has slowed moderately and* d! I1 e7 F/ l" ~! S4 J/ U5 E; _) x, \1 Y
prices have either held their own or edged down just slightly.
# O4 E- P8 b+ G3 X$ V Affordability has been kept out of the danger zone, helping to
5 L4 N# I6 ~2 ^3 j minimize any downside risks., A+ ]! Q$ ^' a7 B0 s
- Ontario: With the recession pounding many communities, housing market' @9 g9 Q' z ]# B2 I( q) ]1 m
conditions have deteriorated considerably. However, the impact is
! |- j3 g0 h; n. ~/ a unlikely to develop into an all-out rout similar to that of the early, D) W+ Q) h; {0 {; F {; J# c
1990s. Affordability, while still causing some stress, is quickly8 b6 {% g: ~" r2 b& \, |3 d5 Q
being restored to levels closer to long-term averages.
* Z- E' i5 n; |) G - Quebec: The province's housing markets have been among the last in0 ?3 y4 k4 c f# r4 e
Canada to yield to the weakening trend. The main sign of cooling thus6 W( u p7 a' ~. V! J
far has been a drop in resale activity, as prices have held up
' V5 M9 _7 Y5 J5 j/ J% H$ M reasonably well. Some of the persisting market strength can be$ C- \. \, l' x7 U" _9 G
ascribed to sensible affordability levels, which had eroded only
7 ]# ]) X) A9 m, M: c4 ^ modestly in recent years.8 }$ K( B# b6 z" s% M' T
- Atlantic region: Markets have largely remained stable against the8 S, h& U$ A3 B8 t8 t
general housing downturn, with St. John's becoming the housing hot& L! \. k- O4 J/ K9 _
spot in Canada and Halifax and Saint John maintaining steady upward
3 k/ ^1 R( |) _$ _: ^; T' V5 j price momentum. The region is benefiting from improving affordability
& ~/ e3 o1 Z5 f following two years of deterioration.; v, c3 ~( Q- ^- ?( 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
