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ZT: Cost of home ownership continues to rise: RBC
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Canadian Press* V1 g# l6 O( c0 E6 g0 {- _" x/ w
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Wednesday, September 12, 2007, f* y% N0 m6 N0 Y2 M1 i
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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.6 X4 Y8 A2 P/ x8 |) j9 u' S
: U8 @7 J0 X' d( I# Z1 GSaskatchewan 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." E2 K' f# o) |% N
1 t( p% E3 o W# a- y2 v" M% w“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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“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”- C( G8 X' j4 C: A
$ n5 b5 Q; P& S" d$ N: a7 K, t- bThe 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/ J# \6 f' U5 M. | t8 ~
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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.
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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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# j0 L; G/ Y' x5 [" L# p4 fA standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.- V9 v- e/ ~: T' t. R$ F, w( D
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Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.
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3 Z/ d! H- V! J) F$ l! 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.
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" N: d' F- ?6 }- FAmong 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., q# C- K* j, O: O1 O7 M
6 r N2 A& |6 b4 r' ?6 y“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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