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ZT: Cost of home ownership continues to rise: RBC: T/ G9 ?/ Y& ~2 U
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Canadian Press
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Wednesday, September 12, 2007
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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.% @% t/ Y' c0 p# K, }) a, L
, z2 y" }" b2 T: Z3 j* x) LSaskatchewan 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.* ]& M: E" k( n4 J8 M
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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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# n9 k& w' M' `5 {) M- g“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”- `1 B* a: A7 X' r; D9 N% v
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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/ L2 `0 k2 m8 s
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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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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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4 o7 h7 v6 t/ N* c0 EA 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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2 _0 x) c9 Y1 B; t4 P6 @ {3 oSaskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.- W( \8 K& ]# @$ H ^* s! d
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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.: R3 u% u* D# B$ d5 H7 J
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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 G; c" Q2 E8 v“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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