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ZT: Cost of home ownership continues to rise: RBC
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: A- W* `# E. `1 X: T# k' J% D. bCanadian Press
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Wednesday, September 12, 2007- s1 {8 A- m. |# x
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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. _1 D" J* C4 b/ Z4 Q
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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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( B5 O( g' F* W" R- Z# k5 O: h“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/ _* w$ k& p5 r3 o; ?; G, o; x2 W" h
6 W& l4 ~* B2 X6 h$ YThe 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.- i/ M. h7 u1 i( U# @ a5 N7 }
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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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; D5 G0 ]- G- U+ G2 F' B' L: QA standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year., F5 v, v a; ]% P0 ^
3 b+ {/ ]' J/ S6 w: `) L7 kSaskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.# S6 U. ^. A9 @# ~7 V1 s% v8 O
& v% x# L* w, WAffordability 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.9 U; A" V6 r2 H3 h4 J9 o2 \
/ E- F; x1 i4 o: E/ I c: p: `! \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.# R3 R+ U B& J2 h/ V2 ^
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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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