 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
7 ^% E _3 K! C. D- T- z& o( L TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the, e+ x0 J& p0 ]+ s7 ^
middle of a significant correction that is partly reversing the extensive
4 X- d. _" ]1 h( T: hgains of recent years and which is helping restore affordability conditions,
% E: P, y9 Y+ Taccording to the latest housing report released today by RBC Economics.
/ E$ W# a' n$ A7 @- z$ `9 J; D4 d "The province's housing markets remain under heavy downward pressure,"
9 u" c# h& I6 S* a( g1 psaid Robert Hogue, senior economist, RBC. "While housing affordability is$ X% b* Q1 ]4 q" k# ~
improving as the correction process runs its course. RBC's affordability
, _$ @ P- ?( k9 O- |measures for the province are still at levels far off historical averages."' T3 A4 w% q- l5 F. c8 J
RBC notes that the sharp rise in unemployment since last summer is
# b$ n$ Z5 U$ b% F* _worrying households in the province and weighing down demand for housing,/ |! `6 d \5 Q3 ]8 ~
which runs well short of available supply. Such weak market conditions have, L0 Y5 e4 c# N0 {
sustained the declining trend in prices for both existing and new homes.
. k- {' E& v# E& X* z- u The RBC Affordability measure for British Columbia, which captures the/ n! }% G* n+ ]$ Z; b
proportion of pre-tax household income needed to service the costs of owning a* e3 I- e4 e( w" C
home, improved across all housing segments in the last quarter of 2008.
# @; O: n5 R3 l: h" d6 X" d1 o% tAffordability of detached bungalows in the province moved to 66 per cent, the# l- h) d" V( y H/ l) W
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
g3 n% _3 j; @# pthe standard two-story home to 73.7 per cent.7 O) M j# j# l5 ?
According to the report, there are signs that the B.C. housing markets+ U# Y5 m& \4 h! m; M
may be stabilizing as sales of existing homes appear to have bottomed out in2 Z* s. ]6 r$ C8 g
the closing months of 2008 and the first two in 2009 - although at: j8 }0 h# f& M0 U, u( n& C" a" G: M
historically depressed levels.
# I. q: A- j6 d2 s: ` Despite sharply declining house prices and lower mortgage rates, the cost
9 i" }3 b! ]8 d1 K+ J8 Iof homeownership in Vancouver is still the highest in the country. House, c% z- {! D" I' Q! f
prices continue to rapidly decline and pricing power remains firmly in the: H* B7 b) P' ~) W4 e0 v% n2 y( N8 Q
hands of buyers with the sales-to-new listings ratio at historical lows. "This: y! o6 V) I7 @) j8 v
enormous imbalance suggests that prices will likely further correct in the
' |1 s1 b/ m5 c; B$ qmonths ahead," added Hogue.9 `( J: ^: \: Q' W% ]% l6 |% g
RBC's Affordability measure for a detached bungalow for Canada's largest" j" b* N4 P0 a" W# N {) U
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary9 u( s, I& d; d9 B" U3 y A: Y' Y
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent." e# {1 C$ B, X( ?8 ?: a' b
The report also looked at mortgage carrying costs relative to incomes for
- R) k: }8 @5 Aa broader sampling of cities across the country, including Victoria. For these6 t1 X2 g0 d( l% ? l. p6 n' @ D
cities, RBC has used a narrower measure of housing affordability that only
/ a$ Q h! B V. ltakes mortgage payments relative to income into account.4 J4 U" F1 x+ d% l1 R0 H5 y1 B8 U
The Housing Affordability measure, which RBC has compiled since 1985, is
, }' }* j8 g j* R& pbased on the costs of owning a detached bungalow, a reasonable property. `! z0 K+ F' K/ u0 `! p# a6 ?
benchmark for the housing market. Alternative housing types are also presented- ~4 W' O" I* _) x+ q' g
including a standard two-storey home, a standard townhouse and a standard
# w$ Q/ Z) T. c3 t: X4 ycondominium. The higher the reading, the more costly it is to afford a home.: p& C( F" B$ T( v% e3 F! u
For example, an Affordability reading of 50 per cent means that homeownership Q3 I8 y0 @) V+ T7 U2 }% G
costs, including mortgage payments, utilities and property taxes, take up 50
- q( g _5 ]6 P' z$ [per cent of a typical household's monthly pre-tax income.
/ `0 B6 k$ P$ ?0 `4 T. u
" _" i: G6 G& V. F% a <<
; W$ o! G4 r8 Y7 p Highlights from across Canada:3 a$ _' g/ U& o. I
3 d4 L% e+ d" K
- Alberta: Since last fall, the declining Alberta economy has
: g' O5 N% r: k {9 M8 H$ w intensified the downdraft on the province's housing markets, causing
1 |- L+ d5 q+ s0 K9 g/ ` home resales to drop to a 12-year low at the end of 2008 and rebound
, \3 w3 X/ l; F4 @/ F; N M only modestly since. Affordability has been on an improving track/ p t! B$ t1 C7 G( {" M
since about the middle of 2007.* Y# y& L+ E2 `' ?, h" _
- Saskatchewan: Market activity has cooled considerably from the) J/ V: S' j% ~5 [: b3 \
frenzied pace from 2006 to early 2008 and prices have begun to
/ F. C d7 ~. {: ?* Q2 U# _2 P decline. Nonetheless, economic and demographic fundamentals are still8 \: Q4 B4 y$ b* K& [7 x9 X
largely supportive of the housing market and overshadow extremely
8 k6 I4 B s! O4 C9 s( I poor affordability levels.1 N; w, A, L% t4 {! H
- Manitoba: Manitoba's housing markets have fared much better than the
5 `2 x {$ c2 y; O/ p9 [ vast majority in Canada: resale activity has slowed moderately and# x/ |) |1 E3 K1 P8 i9 _
prices have either held their own or edged down just slightly.
$ ?) E3 L2 }# y1 N: c/ ?5 P Affordability has been kept out of the danger zone, helping to
9 Q$ z2 l7 z3 n8 n/ u( j4 e minimize any downside risks.4 o4 Q$ g |& D8 M6 s) x
- Ontario: With the recession pounding many communities, housing market
& n" _7 q6 P( u* K: | conditions have deteriorated considerably. However, the impact is
, o6 P4 Z" S2 p* C/ J- d) [ unlikely to develop into an all-out rout similar to that of the early2 z! @( [. D) @' o( Y
1990s. Affordability, while still causing some stress, is quickly# Q+ ]! J/ n- l; i" A7 h8 D. ]
being restored to levels closer to long-term averages.
7 B* Y5 T& q' e: Y" j9 {& w* ` - Quebec: The province's housing markets have been among the last in
% c! w- R' z* j5 c* G3 T4 S Canada to yield to the weakening trend. The main sign of cooling thus& S3 h6 R& T5 Z3 i2 u
far has been a drop in resale activity, as prices have held up
, m1 V* u! E- r( G reasonably well. Some of the persisting market strength can be
1 S2 Z% H" C# G8 ?: G- g `6 i ascribed to sensible affordability levels, which had eroded only* k0 a# X+ r8 l" i' d1 {
modestly in recent years.2 R( ?, _2 R R! W
- Atlantic region: Markets have largely remained stable against the
/ ^9 r) }* ?' Q" L general housing downturn, with St. John's becoming the housing hot% c% [1 z( n; }; z/ G8 o( J2 t
spot in Canada and Halifax and Saint John maintaining steady upward3 s) x M# I |, x5 P
price momentum. The region is benefiting from improving affordability
5 Y( T4 P& n- T# E ] following two years of deterioration.0 C. F0 e* a% N8 Y* r
>> |
|
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
