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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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1 N, h0 W5 }0 U: v) e8 T4 |Canadian Press8 ^8 S& w9 z* W4 e
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Wednesday, September 12, 20074 H! L2 v0 P& D6 Z) ^" Q) A

. S1 f0 ^  I& }& d* aTORONTO — 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.& ]4 W2 @6 \2 H1 h
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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.0 M- y  E8 e7 i1 A0 R+ @
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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." H" L( g& B, i: o

% Q8 v) P9 R' c3 f& _+ U“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”! M# z# c: H- y1 P

# y# _  l& g- P) S8 k% m2 L" xThe 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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) X3 i; _0 a% _5 H, {: }1 _; jThe 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.
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Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.
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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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- F& x4 I4 ~! J% H- q“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.
鲜花(0) 鸡蛋(0)
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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