 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC - T, h3 P6 F' j. o5 e. b [5 m
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the& A* n2 V( W1 E6 h
middle of a significant correction that is partly reversing the extensive; D7 `- o0 R9 e: w6 s
gains of recent years and which is helping restore affordability conditions,
+ t( @/ N! q& z- g1 y. s( Waccording to the latest housing report released today by RBC Economics.
* P! X+ ]. j1 m$ Z9 w, D3 F "The province's housing markets remain under heavy downward pressure,"
) o& T( c) e% b& e. w' U# m; nsaid Robert Hogue, senior economist, RBC. "While housing affordability is
9 L( h; }/ v/ Y2 Bimproving as the correction process runs its course. RBC's affordability
. h2 U" r1 F( Omeasures for the province are still at levels far off historical averages."
! K( p4 V$ i: K8 A- U" c RBC notes that the sharp rise in unemployment since last summer is
0 m* B6 C. m& O) g" rworrying households in the province and weighing down demand for housing,3 @6 @6 ~) k2 V
which runs well short of available supply. Such weak market conditions have+ }) }7 C( ?+ K! `2 F2 o# I* U$ N
sustained the declining trend in prices for both existing and new homes.# G) {' p; J! Q2 n" n2 Z# R
The RBC Affordability measure for British Columbia, which captures the
" u, l5 O+ K: n4 }/ Lproportion of pre-tax household income needed to service the costs of owning a
+ p' o# Q* d7 ?# m# w. e2 hhome, improved across all housing segments in the last quarter of 2008.
. n+ ?% o, @/ C: hAffordability of detached bungalows in the province moved to 66 per cent, the: e, }8 d8 ?6 \
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
, ]2 o, s8 [: i+ j5 E8 Bthe standard two-story home to 73.7 per cent.
4 s# J8 j( L0 U7 V8 Z According to the report, there are signs that the B.C. housing markets
1 p8 f/ [. n, j4 |6 V4 xmay be stabilizing as sales of existing homes appear to have bottomed out in. J; f( Q- J0 i+ ?4 U: [
the closing months of 2008 and the first two in 2009 - although at6 t; K1 ^0 d' a8 w: I& i
historically depressed levels.
( ^! A' a4 v5 J. f& c Despite sharply declining house prices and lower mortgage rates, the cost2 z0 I1 D! J5 t B- N1 q2 r
of homeownership in Vancouver is still the highest in the country. House
- V0 h. c- ~4 p. u9 a6 {prices continue to rapidly decline and pricing power remains firmly in the( d' V! Q% M' Y4 U5 f
hands of buyers with the sales-to-new listings ratio at historical lows. "This
+ u5 @& @ F1 w3 A- L* tenormous imbalance suggests that prices will likely further correct in the, e$ L) I8 H8 j; Z! m
months ahead," added Hogue.
# F' \2 {. G6 r) i) ?6 v RBC's Affordability measure for a detached bungalow for Canada's largest
. n2 g" m U4 z7 W3 m: Acities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
/ `7 ~6 B9 s( x$ I" {; j: {! s42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent. ]+ ~9 Q3 i' P2 D
The report also looked at mortgage carrying costs relative to incomes for9 g+ @3 o: u" n/ c1 r& A# Q
a broader sampling of cities across the country, including Victoria. For these
/ B! p; k" Q9 M; _) hcities, RBC has used a narrower measure of housing affordability that only
, L( t8 Z/ M- ntakes mortgage payments relative to income into account.
6 m4 f& \$ P) }6 M The Housing Affordability measure, which RBC has compiled since 1985, is& G1 P( _$ z X3 o# u7 x8 E- @: e
based on the costs of owning a detached bungalow, a reasonable property" P: a, r. I; R4 o2 i) H. n
benchmark for the housing market. Alternative housing types are also presented
4 T3 v+ @3 p: |/ `' w u/ J2 |9 Uincluding a standard two-storey home, a standard townhouse and a standard4 u9 {/ E7 q4 l2 w5 L
condominium. The higher the reading, the more costly it is to afford a home.
4 J5 c" `, Z/ d$ Z0 `8 @For example, an Affordability reading of 50 per cent means that homeownership5 H" O% ~/ e0 |, F2 F2 h0 S
costs, including mortgage payments, utilities and property taxes, take up 50: l% c7 |! s. h
per cent of a typical household's monthly pre-tax income.9 z. l* f6 p0 R% J3 t5 _' I2 ^& ^
, Y) N& M7 I& w$ U
<<: \: u1 j3 |3 W! t) o# p
Highlights from across Canada:9 y7 U+ d0 k; l
" ?- b4 y- e4 h/ S4 }- r7 K
- Alberta: Since last fall, the declining Alberta economy has6 H: f7 K0 d' f8 A8 d) L. w8 V
intensified the downdraft on the province's housing markets, causing
& [) e2 V$ g8 O$ o4 ?8 i8 m home resales to drop to a 12-year low at the end of 2008 and rebound
# }8 L O1 V6 g0 H0 \3 R only modestly since. Affordability has been on an improving track
& O# w! R2 |* ~% s since about the middle of 2007.
! E, M4 U. e( p7 B, j |# z% p - Saskatchewan: Market activity has cooled considerably from the" Q0 S* B4 Q5 p- g% V
frenzied pace from 2006 to early 2008 and prices have begun to
N' i0 o: C z: a$ F' L9 o% }+ K decline. Nonetheless, economic and demographic fundamentals are still
* S2 T' f$ M$ P3 M largely supportive of the housing market and overshadow extremely
. J3 A1 P# X2 g3 D8 M( n poor affordability levels.
4 c6 F: F: x1 |. d5 ]8 n# t1 \8 l8 @ - Manitoba: Manitoba's housing markets have fared much better than the. Y+ ] e2 B# `! u) K! j/ s% j
vast majority in Canada: resale activity has slowed moderately and
% l7 @1 w' _) h$ M* J7 C5 y; @ prices have either held their own or edged down just slightly.9 }) l# n9 F$ @. S* c" I
Affordability has been kept out of the danger zone, helping to+ O! [# Y0 x6 q5 E' T
minimize any downside risks.
) ~' o& O, e1 ]% Z* w( L: w - Ontario: With the recession pounding many communities, housing market, b, c0 v* e" J O! N0 i
conditions have deteriorated considerably. However, the impact is+ L$ [3 M: H3 @: ~" p) I. O
unlikely to develop into an all-out rout similar to that of the early* [! T1 O! l3 d3 _
1990s. Affordability, while still causing some stress, is quickly# P- T: @. a X. o
being restored to levels closer to long-term averages.8 N4 S1 E$ e2 x5 j' X) q
- Quebec: The province's housing markets have been among the last in0 I0 r0 G+ K t% I) @3 M% T
Canada to yield to the weakening trend. The main sign of cooling thus
5 D v( m( G( S8 q3 D2 e6 G- }6 _ far has been a drop in resale activity, as prices have held up
6 J) |& v% ^& [/ Z reasonably well. Some of the persisting market strength can be4 G C% @ V U/ F
ascribed to sensible affordability levels, which had eroded only
, H5 {* L: Z& |$ r0 ^9 V modestly in recent years.
3 S7 ^( z7 _' F1 v - Atlantic region: Markets have largely remained stable against the
: j1 j% Z2 Y/ U7 j* w$ k general housing downturn, with St. John's becoming the housing hot" H2 O' y/ l( D; {" P- v
spot in Canada and Halifax and Saint John maintaining steady upward
8 C5 W3 y( l2 ^& r2 H3 E price momentum. The region is benefiting from improving affordability
- |* D7 a) G' C/ I9 x% F6 S following two years of deterioration.
$ ?7 m' U& f* _+ l >> |
|
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
