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' A/ n( X( u: [2 B! D- SZT: Cost of home ownership continues to rise: RBC
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% B- \1 G/ K5 V; O! e4 DCanadian Press
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Wednesday, September 12, 20079 V* Z; c: L; |2 K3 Q
8 H+ W4 K" K% z4 cTORONTO — 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.; L; V. W; ^; s- i
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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.
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“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.# f$ R, g7 ]& d! V) x, h, o
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“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”1 Z1 y$ v+ M |$ A8 @1 S
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The 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 ]: i; U7 I. M4 c9 p
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The 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.
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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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A standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.! Q/ q5 ^+ g* L0 Y2 D
) f! r+ x3 v+ G! j KSaskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.
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$ c) O5 H, p7 v4 }$ a3 c& X1 qAffordability 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.
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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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