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4 X2 `& H/ G1 |7 D: [ZT: Cost of home ownership continues to rise: RBC# Y0 Y* k9 e: d g2 M% v
( Q' h* H( Q0 m% H: V( Y) iCanadian Press, L8 S* L- h( a8 s3 s( a; q. x1 b
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Wednesday, September 12, 20070 s+ v1 D9 U& ]0 Y4 o
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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.+ \! ^, n! h0 s. y7 R! q
7 T; i, J$ e) \4 \) p6 L6 nSaskatchewan 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.1 Q5 d' j6 s- ?4 n
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“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”3 b3 ?# V+ v& a0 n' @5 G9 K
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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.+ o- W- O n4 d- D
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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.' y7 _+ `! `. o8 Z
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Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.# u: I. S/ ]! r7 f. P8 w
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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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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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