 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC / b$ ?: ^1 K* q! V2 N+ i' l$ C
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
q7 R6 P# l* N8 P) X2 F; Amiddle of a significant correction that is partly reversing the extensive
) o( x& m% ]) Z; n4 b' y" Tgains of recent years and which is helping restore affordability conditions,8 c# G5 j* Q% v8 I
according to the latest housing report released today by RBC Economics.
# w( G, I0 R3 |8 F6 f; H9 C* r* i& ^: W "The province's housing markets remain under heavy downward pressure,"
; W' @2 I; W) T. U7 V! o: g6 lsaid Robert Hogue, senior economist, RBC. "While housing affordability is9 D# S/ T' Z1 @0 G- C& ]
improving as the correction process runs its course. RBC's affordability
8 D5 B! A% }4 Y; V8 kmeasures for the province are still at levels far off historical averages.") ~$ K5 l# F6 [/ i
RBC notes that the sharp rise in unemployment since last summer is
" h _3 V, } M1 K. jworrying households in the province and weighing down demand for housing,6 f; w6 n3 l9 ]% B' X) q
which runs well short of available supply. Such weak market conditions have$ d0 ^1 N& \5 {0 j" U, u+ B
sustained the declining trend in prices for both existing and new homes.+ l* E* d! O" {5 |
The RBC Affordability measure for British Columbia, which captures the: d) m2 V/ M: ~
proportion of pre-tax household income needed to service the costs of owning a
) {3 A' k2 `4 O( E! D) A' khome, improved across all housing segments in the last quarter of 2008.& U: F: D( |! B+ u' Q2 s* n n
Affordability of detached bungalows in the province moved to 66 per cent, the/ p2 Z0 M: Z% S$ ~1 N- L% m( A
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and) Y N+ I0 b% a7 m8 d: `# \
the standard two-story home to 73.7 per cent.
% M4 J* q% \7 u! L' |: O According to the report, there are signs that the B.C. housing markets! Q- W- l9 {1 B' u- b# s1 U2 ?
may be stabilizing as sales of existing homes appear to have bottomed out in- j& v: U# ] b
the closing months of 2008 and the first two in 2009 - although at- x; G ~" `( x5 x7 D3 ]* E
historically depressed levels.
1 W1 H& Q/ Y6 p! ^$ D Despite sharply declining house prices and lower mortgage rates, the cost
7 t: X9 q! A2 {3 O6 r7 \6 N- r/ vof homeownership in Vancouver is still the highest in the country. House
% o. L% A" ^% y Mprices continue to rapidly decline and pricing power remains firmly in the
3 b8 A4 x2 V; _ n. p1 E( M+ shands of buyers with the sales-to-new listings ratio at historical lows. "This
3 {5 z9 a8 m+ ~9 f0 O; ?2 kenormous imbalance suggests that prices will likely further correct in the
+ |) }+ z8 R& @# lmonths ahead," added Hogue.
1 X$ _/ c4 r, u- j7 J RBC's Affordability measure for a detached bungalow for Canada's largest' N$ e9 M/ l2 l0 Z6 Q
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary+ U, T5 ~9 s# \
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.% u& Z/ m$ }* S: Y/ {2 d1 z
The report also looked at mortgage carrying costs relative to incomes for9 T% o8 }3 P$ v2 ~
a broader sampling of cities across the country, including Victoria. For these
' L" W4 A7 a# p6 V: O" x scities, RBC has used a narrower measure of housing affordability that only: B8 U& ` `/ P+ q: ~: c
takes mortgage payments relative to income into account.- m7 A* j8 K& q( v2 l
The Housing Affordability measure, which RBC has compiled since 1985, is+ d9 @ Q' K3 v- ?0 |
based on the costs of owning a detached bungalow, a reasonable property! ? m) \$ w6 D2 y' ~: W" q: \$ I x
benchmark for the housing market. Alternative housing types are also presented! }( R. p2 W8 V, F
including a standard two-storey home, a standard townhouse and a standard
8 t8 B, K$ R% A& Zcondominium. The higher the reading, the more costly it is to afford a home.: E' M W$ d j8 s' n4 t6 [; n
For example, an Affordability reading of 50 per cent means that homeownership1 b8 s, b0 X6 b& z
costs, including mortgage payments, utilities and property taxes, take up 50
A* `; M- ^( [, j xper cent of a typical household's monthly pre-tax income.
, }! s5 o- ?0 |9 w! [: l! c& ?- P& g2 y+ t9 J3 ]+ g' n
<<8 a( `; T! G% E: M, `
Highlights from across Canada:
9 k% U, V: ^. U9 N6 }8 j
! Z) k; U. u- m% P* K - Alberta: Since last fall, the declining Alberta economy has
% C( b7 U$ C% c- v; g- i! M intensified the downdraft on the province's housing markets, causing
" K" I' ~6 u9 v" Z home resales to drop to a 12-year low at the end of 2008 and rebound2 u6 A) e0 ~8 M; q, u7 L
only modestly since. Affordability has been on an improving track
& z" r% m U3 V$ T- d7 k; Y since about the middle of 2007.
: D2 {- V/ `8 z+ l3 h2 U - Saskatchewan: Market activity has cooled considerably from the
/ N! D! F' N$ x/ |$ n$ f+ n5 y) x) c frenzied pace from 2006 to early 2008 and prices have begun to
( U1 T, e) f% l( ~0 K. E decline. Nonetheless, economic and demographic fundamentals are still
. C/ z; P4 _ Q+ _ largely supportive of the housing market and overshadow extremely6 Z- ^+ }0 v% j6 \
poor affordability levels., _8 x+ E: n. K2 }; s
- Manitoba: Manitoba's housing markets have fared much better than the% H7 z2 k+ H8 R1 T
vast majority in Canada: resale activity has slowed moderately and
2 S' C1 K0 Z4 F6 a5 } prices have either held their own or edged down just slightly. }5 ~: D, o2 D0 \
Affordability has been kept out of the danger zone, helping to
: b* [+ T8 r! D0 H3 G" M minimize any downside risks.* F8 \& h7 a% t6 s. R- r+ d. v
- Ontario: With the recession pounding many communities, housing market, v4 c4 N' G% {) J+ I
conditions have deteriorated considerably. However, the impact is q: @8 u8 w5 F. ^2 {! ~! l2 b
unlikely to develop into an all-out rout similar to that of the early+ Q. N* \& q6 {/ M) J
1990s. Affordability, while still causing some stress, is quickly
D5 q" ^( p" a being restored to levels closer to long-term averages.
( X: `' | U$ U- @0 c5 G/ M+ z - Quebec: The province's housing markets have been among the last in
- X" e, d( m7 g+ | Canada to yield to the weakening trend. The main sign of cooling thus7 J- Q; Y+ { C W) J
far has been a drop in resale activity, as prices have held up8 J; ?6 f# i6 p8 @5 L) m# N" E
reasonably well. Some of the persisting market strength can be9 l5 k5 j! M$ K0 U
ascribed to sensible affordability levels, which had eroded only
+ I% A' k* @" a9 L modestly in recent years.
6 p* {8 K- G2 r% O9 Y& l% J1 q% O - Atlantic region: Markets have largely remained stable against the
U; \0 H5 N* Q( N$ F/ i general housing downturn, with St. John's becoming the housing hot3 T2 ^, m6 P( h
spot in Canada and Halifax and Saint John maintaining steady upward
/ n5 V! a: w& \ price momentum. The region is benefiting from improving affordability. m8 S F$ M* I* }3 g3 W2 w
following two years of deterioration.
, y; Y1 P2 }5 k* Z( l$ _' j >> |
|
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
