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2 a9 t# r' D& Y$ l% W* j9 {1 g1 p3 SZT: Cost of home ownership continues to rise: RBC
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$ `* |9 C9 g) i4 O+ aCanadian Press, @0 X6 W* ~. S* ~6 B
; D4 }5 R5 u+ [5 w4 s5 KWednesday, September 12, 2007% l& _+ m* F0 b/ J
/ ?9 d' v3 Q- a& jTORONTO — 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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# T/ q7 C8 m8 \ F* h2 b) pSaskatchewan 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.
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“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”
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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: s/ B* i4 b2 y- r
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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.6 C% ~/ }( b- G/ R0 Z& g9 j) Q+ D
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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.* x+ b9 K% ^% l% E* ~
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Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.! }) e. C- G$ c, |9 k& ^" a: ]4 u
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Affordability 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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+ O3 p; h4 I- D3 UAmong 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.! d m* f2 A% u& ^" g) P' v5 F( ~
; w9 G! A ]6 M9 _“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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