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ZT: Cost of home ownership continues to rise: RBC

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发表于 2007-9-12 08:55 | 显示全部楼层 |阅读模式
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! v, ~: }+ Y4 T7 OZT: Cost of home ownership continues to rise: RBC% S1 v% V% K/ x; w3 _
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Canadian Press
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Wednesday, September 12, 2007
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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.
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* W4 C7 y( M% ?+ N  S: S) {Saskatchewan 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.
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9 L& M2 r: E  D6 b; n0 X“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.! _1 j* ]  O& D: Q/ O9 ]& w
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“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”1 C& {1 w. ]2 P& E
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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
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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.3 }1 i7 y1 P2 J* ^! W" w
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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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  D8 z" h" \: U) M6 |A standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.
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/ t# U( {# R$ [! K) _* |% b* m8 M1 RSaskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.
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7 l* B7 C* F0 l7 O8 T2 P( ]0 mAffordability 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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2 E+ z# u. K0 _Among 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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“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 09:03 | 显示全部楼层
The prices of reasle homes are falling, how about new homes in Edmonton?
理袁律师事务所
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发表于 2007-9-12 09:43 | 显示全部楼层
Cost of home ownership continues to rise,RENT WILL BE CONTINUING TO RISE AS A RESULT
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