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British Columbia's housing affordability notably improved but still has far to go, says RBC 2 u3 ^: r6 d$ | [
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the/ X# d) b# |% M ?7 q( t
middle of a significant correction that is partly reversing the extensive0 p3 M( q2 |* _! m4 b7 ~7 b
gains of recent years and which is helping restore affordability conditions,
8 }2 W3 D" g* |+ ^' d' y6 aaccording to the latest housing report released today by RBC Economics.
- u1 l( V9 [ H/ `$ B' l, k! ? "The province's housing markets remain under heavy downward pressure,"+ V( {0 k- Q# ^; f3 o' O- h
said Robert Hogue, senior economist, RBC. "While housing affordability is
6 K% @3 k( e0 D; Z$ j" t+ S' Simproving as the correction process runs its course. RBC's affordability
8 p1 R7 u3 D$ xmeasures for the province are still at levels far off historical averages."
5 w/ P* d# `7 f RBC notes that the sharp rise in unemployment since last summer is
a3 w! ~# _% @9 ]* h% ~* j! O+ gworrying households in the province and weighing down demand for housing,* a, z8 b0 U2 E3 e4 R
which runs well short of available supply. Such weak market conditions have
- t; u0 T9 X8 T( Qsustained the declining trend in prices for both existing and new homes.1 A8 Q" \! C Z8 ~5 Z1 w4 a
The RBC Affordability measure for British Columbia, which captures the
# N: r6 o& n: }& N& H$ T" M! qproportion of pre-tax household income needed to service the costs of owning a
* X C$ m- J; k5 p, g5 ^home, improved across all housing segments in the last quarter of 2008.
, D- c* S4 L' ?( ?! ?$ V oAffordability of detached bungalows in the province moved to 66 per cent, the
' W) W, W* }* t( Y$ ^7 m A$ zstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and! t w! X( R/ X2 z
the standard two-story home to 73.7 per cent.
' s* q7 c6 b( B5 i6 X) { According to the report, there are signs that the B.C. housing markets7 z% M. H2 a2 X
may be stabilizing as sales of existing homes appear to have bottomed out in
$ N7 d5 r+ T9 s6 h& V; q4 N! ^. rthe closing months of 2008 and the first two in 2009 - although at
: P H/ p" Q K$ l+ d$ `- uhistorically depressed levels.
! P' }6 P" v( P. I0 l" v. }* h Despite sharply declining house prices and lower mortgage rates, the cost) @1 g6 o# w; q
of homeownership in Vancouver is still the highest in the country. House
) `8 a8 w5 V0 o8 K% l4 n$ O3 ~prices continue to rapidly decline and pricing power remains firmly in the
6 e/ H* }, x! `7 r" vhands of buyers with the sales-to-new listings ratio at historical lows. "This) C2 L8 N u; Q; {& q
enormous imbalance suggests that prices will likely further correct in the T$ |) \0 @9 e7 C* l7 D
months ahead," added Hogue./ `0 j& o* ]- i7 w
RBC's Affordability measure for a detached bungalow for Canada's largest, `& `3 K1 O( q8 W
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
$ ^ }- s7 t# D9 N# m42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.& b, w3 V$ ]8 h
The report also looked at mortgage carrying costs relative to incomes for) W: a8 ^$ V3 C/ c4 @, N
a broader sampling of cities across the country, including Victoria. For these
! u, w# w0 Z% g4 s2 Icities, RBC has used a narrower measure of housing affordability that only0 H( ]* _6 x5 I5 B4 \$ n
takes mortgage payments relative to income into account.
' N6 P2 t; I ~0 k/ o! S The Housing Affordability measure, which RBC has compiled since 1985, is
/ z# S, L( H) I L7 R4 {9 p% Vbased on the costs of owning a detached bungalow, a reasonable property
7 v* A- h- d& \* o9 E, k& g- |benchmark for the housing market. Alternative housing types are also presented+ T f; ]0 a+ L! {. @! T3 Q
including a standard two-storey home, a standard townhouse and a standard
' ?3 z9 e( I2 n3 f+ {( ccondominium. The higher the reading, the more costly it is to afford a home.8 E0 o- U: i& ~
For example, an Affordability reading of 50 per cent means that homeownership
. I! l m$ d0 j2 E' k5 ]' S' W5 acosts, including mortgage payments, utilities and property taxes, take up 507 B/ O: @+ Y+ U; j. \( b8 Q0 E) f
per cent of a typical household's monthly pre-tax income.% U6 X( n, r# O
* G8 O8 z( k* @7 t' E; c, D <<! q6 j1 Q D2 r- R: _; v1 ^
Highlights from across Canada:. q3 p% Z( P$ w1 S( l8 K
' L4 s, U' d. p9 L5 q( c/ o - Alberta: Since last fall, the declining Alberta economy has
6 `8 B6 h* K( t1 E4 c/ ] intensified the downdraft on the province's housing markets, causing( W/ f2 I' R9 d, o6 _$ r0 K
home resales to drop to a 12-year low at the end of 2008 and rebound0 s2 X1 c5 a9 d% Q( ?
only modestly since. Affordability has been on an improving track
, D7 l, L3 s3 R7 o5 w4 B since about the middle of 2007.
% u" O& j/ u! G2 M' s1 P8 O% K E+ q - Saskatchewan: Market activity has cooled considerably from the- b1 t) G" X9 H* L% D" ~
frenzied pace from 2006 to early 2008 and prices have begun to/ A/ m. q! a3 {: u/ O
decline. Nonetheless, economic and demographic fundamentals are still
" C7 ^7 E# T9 C0 i6 J: M+ @. Y largely supportive of the housing market and overshadow extremely. S" ~1 @. n) X" C
poor affordability levels.2 ?* y- @: e2 W# M
- Manitoba: Manitoba's housing markets have fared much better than the
- q9 }: p, i/ s& n' B4 _0 [5 R/ A vast majority in Canada: resale activity has slowed moderately and9 D" o U6 u3 U0 F- s4 @
prices have either held their own or edged down just slightly., \' W: n3 X( X5 l6 l
Affordability has been kept out of the danger zone, helping to/ A3 A2 z6 @) C, E
minimize any downside risks.% C. m8 j! b4 w+ ]# x: n6 `5 W
- Ontario: With the recession pounding many communities, housing market
! `2 {* i4 j, c* R0 h& z n3 m8 n conditions have deteriorated considerably. However, the impact is+ t6 |8 v3 l1 ~& q6 X7 c. s
unlikely to develop into an all-out rout similar to that of the early) H- s; \; |- g: q7 j
1990s. Affordability, while still causing some stress, is quickly
( E% b' ? C* ?- P being restored to levels closer to long-term averages.5 i8 n# }, E, d5 x( ]6 ]0 i
- Quebec: The province's housing markets have been among the last in, ?- r9 w" K% M" L% Q+ }- ?& c; W
Canada to yield to the weakening trend. The main sign of cooling thus
: p) I x# [1 U6 a, A( z far has been a drop in resale activity, as prices have held up4 n3 i8 H6 q3 d! a {
reasonably well. Some of the persisting market strength can be' g! _5 G. Q, Y* K
ascribed to sensible affordability levels, which had eroded only
7 N* v- o1 f- L5 X% j. B! g/ c, A% { modestly in recent years.1 Z" F! m! {; K: g
- Atlantic region: Markets have largely remained stable against the
$ r% H" r- H' F5 K4 F2 p general housing downturn, with St. John's becoming the housing hot" y! E- q( Z. d0 f% h8 W
spot in Canada and Halifax and Saint John maintaining steady upward
& s- `) y# m/ c& |6 E. u price momentum. The region is benefiting from improving affordability9 V! U# B7 X; e7 `" a$ F2 k6 O
following two years of deterioration.
; E# J# q$ r+ F6 r& U+ H >> |
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