 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
) Y4 G* Y, r0 a$ K r TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the$ B* U' G( f& G9 Z
middle of a significant correction that is partly reversing the extensive
F; _3 p0 D, R$ F% ]gains of recent years and which is helping restore affordability conditions,
+ h% O, F5 J( A O3 [- Qaccording to the latest housing report released today by RBC Economics.
4 b& O% m4 k, i "The province's housing markets remain under heavy downward pressure,"
6 i$ Y- [% ?% @+ Xsaid Robert Hogue, senior economist, RBC. "While housing affordability is5 R8 ~- P( w* m2 Q1 R
improving as the correction process runs its course. RBC's affordability) A" q7 i9 x) [3 C: y8 m% P
measures for the province are still at levels far off historical averages."
. d3 q# ~! A' X$ k7 ^8 Z RBC notes that the sharp rise in unemployment since last summer is+ z$ W) A- X4 j; y b( c/ o
worrying households in the province and weighing down demand for housing,
: w% Q/ S7 D! Z! _4 ^which runs well short of available supply. Such weak market conditions have- e* q# N/ `# V/ v/ m
sustained the declining trend in prices for both existing and new homes.. M# C8 s& v2 M @- V1 g% u8 Q9 J
The RBC Affordability measure for British Columbia, which captures the. z7 [" H* j7 t2 A) P2 }
proportion of pre-tax household income needed to service the costs of owning a
! E( R; `5 Q# p. c, b+ P* shome, improved across all housing segments in the last quarter of 2008.
+ @ c$ O e6 D UAffordability of detached bungalows in the province moved to 66 per cent, the
+ K1 X$ ]0 ^) C8 [+ Q; Rstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
3 v% f; w2 ]' K9 A, C6 v; e# Dthe standard two-story home to 73.7 per cent.
9 h5 {( `: a& d6 k/ @. `8 ` According to the report, there are signs that the B.C. housing markets& ~1 y9 x, x1 H+ b
may be stabilizing as sales of existing homes appear to have bottomed out in7 G) P. N6 B9 U; V3 I
the closing months of 2008 and the first two in 2009 - although at
5 ]" w+ Y$ ^' N( Q* `( o; l) R; rhistorically depressed levels.0 ?7 s1 D6 e+ c$ n
Despite sharply declining house prices and lower mortgage rates, the cost
4 n* l1 S2 d! W& Vof homeownership in Vancouver is still the highest in the country. House
4 ^, f, ?% p& R$ e! ^prices continue to rapidly decline and pricing power remains firmly in the
$ V* w2 v [' \6 w* @ S& phands of buyers with the sales-to-new listings ratio at historical lows. "This3 ?1 W+ L' R; l' A ]% N& k1 W- t
enormous imbalance suggests that prices will likely further correct in the
; E, q I+ ]# ~7 \6 |, Dmonths ahead," added Hogue.* G$ K. E: Y x$ X+ S
RBC's Affordability measure for a detached bungalow for Canada's largest
) O& \* [7 G6 ecities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
! |" O+ w0 w* {9 U42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
4 s2 C7 w6 y( S7 L B8 Y4 K The report also looked at mortgage carrying costs relative to incomes for* v P U) v$ O3 B+ C
a broader sampling of cities across the country, including Victoria. For these3 r" H5 u* i% d9 y2 E
cities, RBC has used a narrower measure of housing affordability that only
( w+ y# w1 O) V2 w* x2 o& ~. htakes mortgage payments relative to income into account.1 {5 j% J, X! e6 F/ w" D
The Housing Affordability measure, which RBC has compiled since 1985, is
, L9 w5 `) @" \/ kbased on the costs of owning a detached bungalow, a reasonable property
4 `8 L: c9 ~; e' v) L% Mbenchmark for the housing market. Alternative housing types are also presented
) X5 J3 M, \' [0 ? e; a" L7 Z: Pincluding a standard two-storey home, a standard townhouse and a standard
2 H; p6 Y4 g" G1 h7 y- d; }condominium. The higher the reading, the more costly it is to afford a home.. N6 Q9 Y5 ~5 g, t5 `4 }
For example, an Affordability reading of 50 per cent means that homeownership
! R$ t0 _: [: h( h" t3 z2 H6 Wcosts, including mortgage payments, utilities and property taxes, take up 50
6 M4 c6 ?& E4 T: @0 Wper cent of a typical household's monthly pre-tax income.
7 w8 \3 T5 n! \4 t/ `) _% r( P* F4 C5 o% |
<<
* z8 ], O7 m# ?/ }$ K J; m% j' V& d Highlights from across Canada:! t! r( ^+ n# d% I7 g4 o
& w/ d, w# \+ I) Q) j
- Alberta: Since last fall, the declining Alberta economy has
+ o. T) r7 R+ ?8 i7 T$ u- z6 q intensified the downdraft on the province's housing markets, causing5 Z. i) y M9 l4 C" [+ |( a9 r' k0 D
home resales to drop to a 12-year low at the end of 2008 and rebound
' `3 R2 H9 M( Z6 u3 x only modestly since. Affordability has been on an improving track2 c* [0 A4 `" x& I
since about the middle of 2007. C! v- K) o3 D4 t0 z! J
- Saskatchewan: Market activity has cooled considerably from the9 ]0 X2 }1 V% w
frenzied pace from 2006 to early 2008 and prices have begun to" u" l& M' K/ C/ C0 r
decline. Nonetheless, economic and demographic fundamentals are still3 D& r2 U3 d/ m; z) Q1 R
largely supportive of the housing market and overshadow extremely
4 T% y f; ?( I4 w% F: [. a2 p4 m poor affordability levels.
' G, M, C2 d4 T4 h$ O - Manitoba: Manitoba's housing markets have fared much better than the) [) }$ t+ c) M! p2 p
vast majority in Canada: resale activity has slowed moderately and
' A0 i: z! p; D( ^ prices have either held their own or edged down just slightly.
; _5 Y4 D+ E' U% l; O Affordability has been kept out of the danger zone, helping to& ]) h! g) X" e: b: x& r! Y
minimize any downside risks.
0 ?1 y' ~( x. F) T - Ontario: With the recession pounding many communities, housing market
* s4 N# m1 a7 z# Z& \- g7 { conditions have deteriorated considerably. However, the impact is
$ T/ b' z4 o/ G1 W9 f M unlikely to develop into an all-out rout similar to that of the early u5 I3 |- d' Y, n3 G
1990s. Affordability, while still causing some stress, is quickly6 W/ b5 v8 P1 n8 k
being restored to levels closer to long-term averages.
* T; q( e' J4 Q# a* Q3 v6 b) H - Quebec: The province's housing markets have been among the last in
0 ?+ P, F* I1 T/ | Canada to yield to the weakening trend. The main sign of cooling thus+ X! K( a A1 ]% d6 m
far has been a drop in resale activity, as prices have held up
% c2 x% ]5 C3 h) ^+ o reasonably well. Some of the persisting market strength can be
' s% Q/ P3 q0 x+ R- N; p ascribed to sensible affordability levels, which had eroded only2 m) q2 J/ F' o" z
modestly in recent years.- F( o% A! o [
- Atlantic region: Markets have largely remained stable against the* K5 R! L! r( U3 G0 n
general housing downturn, with St. John's becoming the housing hot* n6 a/ u! U/ y$ v
spot in Canada and Halifax and Saint John maintaining steady upward
( a" ~2 h5 r; K1 U price momentum. The region is benefiting from improving affordability- A7 v1 A" Z4 ~1 D/ [2 O1 I
following two years of deterioration.
" \8 L4 _2 f' z0 G >> |
|
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
