 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC 6 }, D" x- u( T4 W. H$ f a1 J
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the. N k& m _9 j' k/ }+ v3 r
middle of a significant correction that is partly reversing the extensive
, g; G- W* K0 Z% C* vgains of recent years and which is helping restore affordability conditions,6 p0 H" u5 w6 g' g2 U6 J% ?& T( G
according to the latest housing report released today by RBC Economics.* p( R; l1 c2 ^* ^% w# j. \
"The province's housing markets remain under heavy downward pressure,"
" Y, x7 d& ^/ }9 H2 k* Isaid Robert Hogue, senior economist, RBC. "While housing affordability is7 |8 P1 d4 r0 B/ x% o
improving as the correction process runs its course. RBC's affordability) V; m) U" M0 {0 @3 d6 m
measures for the province are still at levels far off historical averages."* N3 y+ p7 F* U" ~* w
RBC notes that the sharp rise in unemployment since last summer is9 t9 d. l+ d+ ?4 o: i) c
worrying households in the province and weighing down demand for housing,
( ?7 ^' ^* K+ w, d& e9 Jwhich runs well short of available supply. Such weak market conditions have9 Q( \* U7 f# f! r6 D9 e8 x& k
sustained the declining trend in prices for both existing and new homes.
1 p: d- `# b) l% p The RBC Affordability measure for British Columbia, which captures the
- }/ f: ^8 B/ S( F: eproportion of pre-tax household income needed to service the costs of owning a8 N4 H7 b" d$ U' E3 A1 Y5 J
home, improved across all housing segments in the last quarter of 2008.$ \/ O+ S+ b& A/ f8 t% I9 \
Affordability of detached bungalows in the province moved to 66 per cent, the
6 N# ?: |) a9 U! f, c+ ] ` Astandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
! s. K3 @3 k: T+ m* Z9 t, |the standard two-story home to 73.7 per cent.7 U( \3 o# g* o$ p
According to the report, there are signs that the B.C. housing markets, t% k% \; D$ e. x" G+ d
may be stabilizing as sales of existing homes appear to have bottomed out in
- J5 A6 P7 i& K9 o5 n8 {7 I" nthe closing months of 2008 and the first two in 2009 - although at
) u6 J0 \0 a+ Y/ \2 w5 shistorically depressed levels.
2 Y- q8 d2 j( k; M/ N Despite sharply declining house prices and lower mortgage rates, the cost
' i9 S% J, f% R# @of homeownership in Vancouver is still the highest in the country. House
# b8 t% z# L2 A* e4 uprices continue to rapidly decline and pricing power remains firmly in the% G0 Z+ [/ n, M
hands of buyers with the sales-to-new listings ratio at historical lows. "This
4 H5 Q$ H( D$ c# \1 f" aenormous imbalance suggests that prices will likely further correct in the
4 G: {* X6 O. R0 l" Bmonths ahead," added Hogue.# X7 p: z" ^6 y. L
RBC's Affordability measure for a detached bungalow for Canada's largest, z2 @, c1 @( t) g+ f, k. B7 e3 @
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
& h+ k% Y# k! F$ {, Q/ P$ _* x% y42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
4 t; }4 W) ~8 B1 f3 ~% q2 n The report also looked at mortgage carrying costs relative to incomes for" W7 n( z& z1 }& v/ p1 {
a broader sampling of cities across the country, including Victoria. For these
; J' Z N/ _* {cities, RBC has used a narrower measure of housing affordability that only
* W$ T) r$ ?8 v$ l" [takes mortgage payments relative to income into account.. J- S, Y8 V( W
The Housing Affordability measure, which RBC has compiled since 1985, is
l3 S# o- H( c3 z) Ebased on the costs of owning a detached bungalow, a reasonable property( p4 a" ]+ O! `3 t+ O7 S
benchmark for the housing market. Alternative housing types are also presented) f2 v: `& Q5 C: J5 `: a" K/ v
including a standard two-storey home, a standard townhouse and a standard( `( k; a8 k6 a5 }4 c+ V; k
condominium. The higher the reading, the more costly it is to afford a home.1 ~/ `2 A5 K9 H1 S' \' ~, c
For example, an Affordability reading of 50 per cent means that homeownership( ?& K8 T- G# q3 @8 b, T
costs, including mortgage payments, utilities and property taxes, take up 50
6 R( ]) n4 [) x1 U! }- C+ U \0 Kper cent of a typical household's monthly pre-tax income.
9 I7 D& i! o6 g) ~
' n% k4 M; \/ E/ o: f* z( G1 v& ~ <<
' \ d$ v$ N7 }% {8 Y" h- U6 N$ k# I, u) c Highlights from across Canada: U3 T9 Q4 A6 j
1 @5 r' O3 A: s( ? n9 a - Alberta: Since last fall, the declining Alberta economy has
) ]# k) R' b2 k2 S8 `; b intensified the downdraft on the province's housing markets, causing2 v0 L Q1 D. U9 \
home resales to drop to a 12-year low at the end of 2008 and rebound/ ~' c2 P6 y8 ^
only modestly since. Affordability has been on an improving track. p F+ Y: N2 v l
since about the middle of 2007.2 |! W- R9 y. V8 N$ R$ H* T% @3 }
- Saskatchewan: Market activity has cooled considerably from the
( J- |& t$ o" l$ h5 w* F frenzied pace from 2006 to early 2008 and prices have begun to) G3 I$ c) [3 j/ I# A. }+ s6 j
decline. Nonetheless, economic and demographic fundamentals are still
; J% \! _6 }3 T% H: ?# E" ` C largely supportive of the housing market and overshadow extremely
' `" o; p0 H" f' u poor affordability levels." s& N4 C9 b' n& j: U
- Manitoba: Manitoba's housing markets have fared much better than the
X& C! ~8 a$ ~5 E vast majority in Canada: resale activity has slowed moderately and1 B1 h2 T. \5 `# ^' @. H
prices have either held their own or edged down just slightly.
r9 w+ t' {7 c5 i& o. l" g9 x- n0 ^) I Affordability has been kept out of the danger zone, helping to
8 w! I1 f$ U8 Z; V$ } minimize any downside risks. g. Z* X* h' v$ G
- Ontario: With the recession pounding many communities, housing market
1 _- {4 s2 b! s B& O conditions have deteriorated considerably. However, the impact is
9 G2 C+ k5 i3 |- x5 h3 |0 X unlikely to develop into an all-out rout similar to that of the early) W r8 s5 M8 r$ Q+ N
1990s. Affordability, while still causing some stress, is quickly
% V! e" ?7 U$ I9 R2 P8 D+ b0 t5 \6 h being restored to levels closer to long-term averages.
& c" }, H! k) W1 x9 E( \& B - Quebec: The province's housing markets have been among the last in* a1 z2 |6 V, s6 \5 Z3 k- p: b4 D, ]
Canada to yield to the weakening trend. The main sign of cooling thus3 [1 Q( U# X5 @5 G5 x: {# `7 C
far has been a drop in resale activity, as prices have held up
9 v; Z1 u# O. w% Y" z reasonably well. Some of the persisting market strength can be! x* u9 y) X k: c2 D# V3 _
ascribed to sensible affordability levels, which had eroded only
* p( z7 B; M8 Q3 v" m; p+ |6 u, N( r modestly in recent years.6 R0 e# F7 }% W- t" X
- Atlantic region: Markets have largely remained stable against the: j6 d# R3 l* J: s' n. F+ t; i
general housing downturn, with St. John's becoming the housing hot
% e5 `9 V8 a6 ?9 T- G* P5 | spot in Canada and Halifax and Saint John maintaining steady upward
9 s D$ |- K- F6 d price momentum. The region is benefiting from improving affordability, x6 o& c7 @* i. S2 ?
following two years of deterioration.
$ F3 }" }+ D+ E/ K4 ~* e1 t3 b >> |
|
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
