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ZT: Cost of home ownership continues to rise: RBC

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发表于 2007-9-12 08:55 | 显示全部楼层 |阅读模式
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ZT: Cost of home ownership continues to rise: RBC
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' h! D5 V! `/ _1 aCanadian Press
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Wednesday, September 12, 20075 r' z+ }5 C" q6 a: D4 p
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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.0 a: ?# T# p' a+ }0 Y! `

- N+ ~+ N1 B0 {0 VSaskatchewan 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.* G- s- q# v8 v- D" H: K. Q
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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.2 }5 X: K* M/ T: f9 a, J, K
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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
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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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: o$ t, H9 K6 |/ ?8 c' A$ b. s! wA 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.4 X9 d, K" b- t
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Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.# P2 E) \8 P) K% U

* r! b$ g+ y4 C% @  C- I  _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." {+ m4 S( Y3 L/ c
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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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' }4 j: b) y9 ]" p“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 09:03 | 显示全部楼层
The prices of reasle homes are falling, how about new homes in Edmonton?
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发表于 2007-9-12 09:43 | 显示全部楼层
Cost of home ownership continues to rise,RENT WILL BE CONTINUING TO RISE AS A RESULT
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