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ZT: Cost of home ownership continues to rise: RBC7 \% Y9 s9 [4 x* ~
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Canadian Press
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" S: o9 C9 T* |$ x3 G8 r. V5 C( @Wednesday, September 12, 2007, ~3 q- S( j4 G z- \
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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.# R) d. p: s3 b' p* C, O$ {- w
$ E# r5 Z4 D2 @- ?3 t1 ESaskatchewan 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.& f3 i0 \% p. S$ i/ Y+ `9 J" I
Z3 @- K9 x5 ~“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. m" v, C' g/ f7 ?# k% i
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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 home/ D9 J5 L" ~! l
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The 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.' W+ P2 k+ P4 k: c5 a9 a
$ u6 e$ P( C5 O$ [3 V$ N) ~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.: n' L% l7 M/ ? ~1 `3 O7 M2 P( b
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A standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.* J9 h/ g( e8 y6 A! T* S; Q
& J( n4 { v" Y7 ?4 kSaskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.+ o$ O3 U" ^; Z
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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." y: y* E) m# ~6 V, b9 T
- Z2 F( K! z; c6 u+ ?9 D* C' QAmong 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.
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1 t- c0 h9 D) ?( U“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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