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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- I7 @6 r! a9 {2 N6 T" G
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Canadian Press$ J% ]0 }) x$ j9 U' O- C3 ~& [1 I9 y

) K  x0 {/ g9 }- F: {% [* P6 m" G. DWednesday, September 12, 20078 e9 x% k8 X! v' S( {) q4 K

6 d* y4 {1 B5 e2 W) ^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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2 L& Z  H% z, ~) u3 n) I2 t; pSaskatchewan 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 home6 [% x, o  u, O4 z: ^0 s

  N2 H# j- F" G9 @! T0 \3 NThe 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.; k" u' d$ p9 O$ G/ H& b

- s8 \: |& u8 oA 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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. `6 [* n; G  v9 `0 \6 L; }& yA standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year., l: M9 e$ {6 k9 P% @0 l
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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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5 }, p2 ~. i6 u# d! r# JAmong 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., p. [: _3 M) ^  `4 r7 A# H7 @

/ N2 U9 i* [  E2 N“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 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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