 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
4 A3 F; `2 }1 _1 Z; z q TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
' _, W& G7 {2 D! m* s2 o3 C- xmiddle of a significant correction that is partly reversing the extensive
4 L$ }2 X) X. w6 ^$ e2 |gains of recent years and which is helping restore affordability conditions,
+ X1 g- ?- G5 @according to the latest housing report released today by RBC Economics.; e8 J: k: F, X6 \ f7 v
"The province's housing markets remain under heavy downward pressure,"
8 @' m/ I( n8 S; G: I6 h! r: L% Lsaid Robert Hogue, senior economist, RBC. "While housing affordability is" p0 `, P, i F
improving as the correction process runs its course. RBC's affordability
. k \5 G: j7 z% @1 E. Vmeasures for the province are still at levels far off historical averages."
0 e! L# b8 V' o& ?3 s& P RBC notes that the sharp rise in unemployment since last summer is7 B" K" H1 B5 `' G5 Q9 _% I
worrying households in the province and weighing down demand for housing,4 A# w$ H. w) t& M1 O# q* K' [+ l) \
which runs well short of available supply. Such weak market conditions have4 q4 n% \6 ^2 Y, r2 h. z* h! M6 B
sustained the declining trend in prices for both existing and new homes.
% b; h2 l3 p% C The RBC Affordability measure for British Columbia, which captures the
# \7 h, E# O: S, Kproportion of pre-tax household income needed to service the costs of owning a( c% M8 \8 k, f0 M! `5 B
home, improved across all housing segments in the last quarter of 2008.$ v6 T: y4 ^! q4 Y' T& @
Affordability of detached bungalows in the province moved to 66 per cent, the i4 X0 U. J* Y1 _- r
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and( B( s% f* t6 J; r0 W; c
the standard two-story home to 73.7 per cent.) `3 x$ y9 k8 o( u3 |
According to the report, there are signs that the B.C. housing markets! \+ S: Z( g# @
may be stabilizing as sales of existing homes appear to have bottomed out in
4 P! j0 g: A* q9 kthe closing months of 2008 and the first two in 2009 - although at
5 b7 t7 c R# ~- D" J. { Rhistorically depressed levels.! L V0 [# W4 ~, s) @
Despite sharply declining house prices and lower mortgage rates, the cost
; g6 U, W9 x# J& ~2 r( bof homeownership in Vancouver is still the highest in the country. House) H! k0 |/ @! Q" F; Y# }
prices continue to rapidly decline and pricing power remains firmly in the
) U1 N5 W8 [. ?: U; [: hhands of buyers with the sales-to-new listings ratio at historical lows. "This2 `5 I# n& \' ^1 S' ~ g( ]- u
enormous imbalance suggests that prices will likely further correct in the
( `# B2 Z% p7 _! x2 {0 z; B5 x( [months ahead," added Hogue.
% ~6 n1 h. }/ K P" O' b) \) j# @ RBC's Affordability measure for a detached bungalow for Canada's largest- I w+ k! A% o" f6 M
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
. @" b6 q4 N1 ?1 L+ K# U# [4 F42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
% ]) e1 u! H, U, { The report also looked at mortgage carrying costs relative to incomes for
6 [; \0 ?5 y( Na broader sampling of cities across the country, including Victoria. For these" |( t/ j& D' g. E1 b) Z- ~5 i) |
cities, RBC has used a narrower measure of housing affordability that only
5 | F& g1 r# W+ ]' ftakes mortgage payments relative to income into account.) b- @0 y+ Y# m2 R- s0 K2 Z' f4 K
The Housing Affordability measure, which RBC has compiled since 1985, is
! I' y% w0 I" K# v& o3 ]+ `5 F1 zbased on the costs of owning a detached bungalow, a reasonable property
9 u; l( b* ~5 w4 T: w+ @. zbenchmark for the housing market. Alternative housing types are also presented
2 g5 o5 @; h/ V2 ?6 v) m( |, W6 Cincluding a standard two-storey home, a standard townhouse and a standard/ b2 y5 V4 |" U1 E- i! H
condominium. The higher the reading, the more costly it is to afford a home.
5 H, ^6 r& S8 w) e! U- B4 |For example, an Affordability reading of 50 per cent means that homeownership
, N& b4 ^ J6 K" I% e1 Ycosts, including mortgage payments, utilities and property taxes, take up 50: J) L. G% k1 d" r( v* {
per cent of a typical household's monthly pre-tax income.
$ v! C. T: X! g! d
7 [, z: z9 F9 E5 N: k- x <<
& @& M8 ]9 Q% Z# ?- L Highlights from across Canada:
: Q) S3 [- W: C* Y. b; o( O) }- ?( y1 ]) j7 }- X9 }% ~
- Alberta: Since last fall, the declining Alberta economy has
! W+ K( s) z3 p5 N, z intensified the downdraft on the province's housing markets, causing
1 v d5 R; ?: q0 H" h home resales to drop to a 12-year low at the end of 2008 and rebound
2 A. T" M9 M9 M' a- A only modestly since. Affordability has been on an improving track3 [/ \+ e2 A4 R9 t' d
since about the middle of 2007.
6 s, m# h& z w, ~7 l - Saskatchewan: Market activity has cooled considerably from the
8 j) f3 B3 ], p) U* i8 n/ q frenzied pace from 2006 to early 2008 and prices have begun to
' M2 ]' G/ c" w2 P9 L# x decline. Nonetheless, economic and demographic fundamentals are still
( v2 l( ~2 ^: z* |/ ^6 z) } largely supportive of the housing market and overshadow extremely
. E1 N0 o# J* _7 C8 c/ u# | n poor affordability levels.* G: S( k1 |' A" _' H* z/ h
- Manitoba: Manitoba's housing markets have fared much better than the
' H7 y# [$ l' ]2 I9 x vast majority in Canada: resale activity has slowed moderately and& u# A# f, n9 F6 i/ ~3 R
prices have either held their own or edged down just slightly.) S. y6 B% S. ]1 ]
Affordability has been kept out of the danger zone, helping to
% O$ s8 Q* I: _) o/ ^6 L minimize any downside risks.
/ K! O: T, u+ E# j9 [ - Ontario: With the recession pounding many communities, housing market
8 \+ t: M3 I8 B; \8 W( f' x! u2 j% x conditions have deteriorated considerably. However, the impact is1 q. Y2 a% S. [. d
unlikely to develop into an all-out rout similar to that of the early
7 ~5 F# M! t4 x/ {% F 1990s. Affordability, while still causing some stress, is quickly: k% Z, T- z+ F5 m0 Q( U$ ]
being restored to levels closer to long-term averages.
+ Y* k5 t" z" Y6 F2 e: y - Quebec: The province's housing markets have been among the last in/ E& S5 K! `& R6 r( E+ T
Canada to yield to the weakening trend. The main sign of cooling thus
% S0 j, x, g$ ] far has been a drop in resale activity, as prices have held up' V( o( B) x3 k6 x2 c
reasonably well. Some of the persisting market strength can be- `1 q. R- m' v* n i& n8 h: t
ascribed to sensible affordability levels, which had eroded only7 T" @ w" Z2 w$ d. V7 d/ y5 k
modestly in recent years.
7 S8 g1 J" q! O- x8 W4 ] - Atlantic region: Markets have largely remained stable against the: K/ @0 [( v3 E2 t' m% L3 Z
general housing downturn, with St. John's becoming the housing hot
' E( s# ~2 n+ g' y5 r: X$ n; n: W+ s+ ` spot in Canada and Halifax and Saint John maintaining steady upward3 i6 d/ S2 H5 W! j* M6 v
price momentum. The region is benefiting from improving affordability
; }6 y9 Q, a" w7 g+ T3 @# U following two years of deterioration.- o! m9 P! z9 A* w3 n8 ~
>> |
|
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
