 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC / ~, R% \7 C$ {
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the2 @- M/ e* V0 J0 ~8 h9 l: v
middle of a significant correction that is partly reversing the extensive% O% _4 z; X+ [# y7 Y+ P7 W3 b. T( D
gains of recent years and which is helping restore affordability conditions,
/ h- F- x# w2 x: t# Waccording to the latest housing report released today by RBC Economics.
U1 E1 E$ P9 C6 [2 P" O "The province's housing markets remain under heavy downward pressure,"
4 U+ e( z7 [4 x, a* Rsaid Robert Hogue, senior economist, RBC. "While housing affordability is
% \# K$ {* y5 cimproving as the correction process runs its course. RBC's affordability: Z$ l7 P0 k4 |) X$ K& c, _8 W0 o
measures for the province are still at levels far off historical averages."0 x) r& k: t4 o+ ~! F
RBC notes that the sharp rise in unemployment since last summer is
5 [* `/ q( f" Y! O% M2 qworrying households in the province and weighing down demand for housing,4 }3 G6 d* ] T! n1 b7 x
which runs well short of available supply. Such weak market conditions have
9 J: }, q6 |& c; U8 H7 psustained the declining trend in prices for both existing and new homes.( t- ^ u3 v! L
The RBC Affordability measure for British Columbia, which captures the$ J% _* O' x6 O
proportion of pre-tax household income needed to service the costs of owning a
) \. A6 i9 m0 A$ V9 V" g- nhome, improved across all housing segments in the last quarter of 2008.
1 M2 j0 |6 g$ }Affordability of detached bungalows in the province moved to 66 per cent, the
# }6 S+ _: x6 @% y/ U- R, Nstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and, I D( T; R' U8 B5 r/ R
the standard two-story home to 73.7 per cent.5 b# m1 d% l7 f& P* |( ~& `
According to the report, there are signs that the B.C. housing markets
9 i' U+ i. x. [& C7 ?2 l7 K) Emay be stabilizing as sales of existing homes appear to have bottomed out in; t- {1 U0 q0 v/ p% z V
the closing months of 2008 and the first two in 2009 - although at( o- m: s n ]. |# S9 S! e3 ~
historically depressed levels.
/ z6 _) ~ z2 O+ Y$ L! N. y: X Despite sharply declining house prices and lower mortgage rates, the cost4 n. p& [# r/ o% Q, C8 A
of homeownership in Vancouver is still the highest in the country. House
3 k1 n7 i+ s2 u1 K% \* mprices continue to rapidly decline and pricing power remains firmly in the' W* H& B" C7 I% H: u7 G: N1 f+ s
hands of buyers with the sales-to-new listings ratio at historical lows. "This z, z' ?0 L% l" ?
enormous imbalance suggests that prices will likely further correct in the" U$ c$ o& T# G) R0 K
months ahead," added Hogue.
: P% Z$ X+ W* h) R RBC's Affordability measure for a detached bungalow for Canada's largest
N. V, q g2 T( qcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary: N {3 N- ] S7 B9 r
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.5 T/ W! o- z! S
The report also looked at mortgage carrying costs relative to incomes for
6 p5 ~" h: y7 j2 Y8 G1 \- ?$ X) u! Sa broader sampling of cities across the country, including Victoria. For these0 A5 O: N- F Y1 n# c# `/ g* A' N
cities, RBC has used a narrower measure of housing affordability that only
_# r. t3 z: r9 d, Q2 vtakes mortgage payments relative to income into account.
$ B0 p4 o8 {. u: T! y2 `" V The Housing Affordability measure, which RBC has compiled since 1985, is
6 H% |7 A. C3 r5 C' l+ W* q% Jbased on the costs of owning a detached bungalow, a reasonable property+ q1 c7 ~6 I0 e+ H+ @7 `+ J, v! b
benchmark for the housing market. Alternative housing types are also presented' i" N/ J' h4 b6 ]
including a standard two-storey home, a standard townhouse and a standard
! u X L5 @0 Hcondominium. The higher the reading, the more costly it is to afford a home.# q0 Q4 G! l& c$ g1 a( I% x
For example, an Affordability reading of 50 per cent means that homeownership
$ k8 q5 K/ z0 J! C% lcosts, including mortgage payments, utilities and property taxes, take up 509 u5 ^% ]2 k6 a9 n' `, {
per cent of a typical household's monthly pre-tax income.' [5 N5 @- K3 D4 @& f
& D' u, f: J" E& x# S U) o. y7 B
<<" P) n; c& M; k" H, i& o! K
Highlights from across Canada:0 q% h* o/ `* V2 S* g
3 j5 r& i( `" \; Z
- Alberta: Since last fall, the declining Alberta economy has
# b) e. Q" S( b& x; \; ^' b intensified the downdraft on the province's housing markets, causing
4 S3 ]- p! s0 [4 N home resales to drop to a 12-year low at the end of 2008 and rebound. n m& B: N. p) z+ q3 D% ^& E
only modestly since. Affordability has been on an improving track+ G! d6 C( v' B
since about the middle of 2007.) k$ S* Q( f0 m; Z1 {) U* V4 d: K
- Saskatchewan: Market activity has cooled considerably from the4 n* J* W5 j3 ~1 {" f2 y# f
frenzied pace from 2006 to early 2008 and prices have begun to! C+ P' u! L$ v/ r
decline. Nonetheless, economic and demographic fundamentals are still- _! x6 i3 x% @9 K5 s/ Q' [' E' x+ f
largely supportive of the housing market and overshadow extremely7 y) ]* n. U- h' H0 ^
poor affordability levels.
1 q: _9 S/ O+ G% B, N& J9 A2 l1 p! r - Manitoba: Manitoba's housing markets have fared much better than the1 A. R- x& v, H$ h8 ]) J
vast majority in Canada: resale activity has slowed moderately and7 s, X9 k5 D$ y. P2 v& s: R. B
prices have either held their own or edged down just slightly.
2 I* u/ _& o$ d' T! B: r; ` Affordability has been kept out of the danger zone, helping to
& D( i* r! T) z( w% e2 S% Z) j minimize any downside risks.! `2 c. `1 e- T9 Y) l
- Ontario: With the recession pounding many communities, housing market
( j9 l+ G% q4 [; S+ h: S conditions have deteriorated considerably. However, the impact is
5 }- N. r# J$ P/ A4 H; x) g5 F unlikely to develop into an all-out rout similar to that of the early; u% q; B- x `/ [9 q' s
1990s. Affordability, while still causing some stress, is quickly9 f) S9 L) n: m% l; Z
being restored to levels closer to long-term averages.
* s+ M6 l: c& P( Y: L) q - Quebec: The province's housing markets have been among the last in
/ G) g/ n) o1 {% Q0 f1 @3 C8 E3 [ Canada to yield to the weakening trend. The main sign of cooling thus
( w$ Q v2 _" [2 {# p j( T$ Z' r i q far has been a drop in resale activity, as prices have held up
% R; w% @. \! d% v' e reasonably well. Some of the persisting market strength can be
& \% o: |6 g2 A ascribed to sensible affordability levels, which had eroded only
% g( H/ E" p* y modestly in recent years.
% L8 a$ r& S& B. E4 c6 Z$ b - Atlantic region: Markets have largely remained stable against the/ _% C4 u% |; G$ @
general housing downturn, with St. John's becoming the housing hot: L5 G$ E) k' `) W$ r
spot in Canada and Halifax and Saint John maintaining steady upward
( e3 _4 M8 H* ` price momentum. The region is benefiting from improving affordability- C n! n4 I; d Y4 D, m9 ]# N$ C
following two years of deterioration.
) ?7 d, T% w2 Y# A >> |
|
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
