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ZT: Cost of home ownership continues to rise: RBC
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& Q% c. y7 F! v! D: ~; }Canadian Press4 Z3 d$ h; H5 x
+ G! i% k# r7 i/ H: M* O% YWednesday, September 12, 2007" ]- }2 f$ d: w$ z! ]
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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.
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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.
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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' j9 Q: d L& C3 _
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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.0 |( _; ^8 l/ ]! S5 X) u
& Q' y: q+ \( I" {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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2 K0 u! t1 r4 P! p8 q) PA standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.+ a! m) v' Y" S7 x/ r: }% W
/ F% b+ q/ d- J* k$ p6 [Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.2 S1 |/ P! h+ u' |/ e; X
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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.; m4 Y6 D3 F9 l
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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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