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British Columbia's housing affordability notably improved but still has far to go, says RBC 0 I. N. n! V9 \% C
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
) q/ s/ T- W& l5 W7 [middle of a significant correction that is partly reversing the extensive% k7 i* k/ X& d( K; @; I) b
gains of recent years and which is helping restore affordability conditions,* e7 H! D3 p& ]
according to the latest housing report released today by RBC Economics., y# } N- q5 ?
"The province's housing markets remain under heavy downward pressure,"3 @4 \2 b, a" o, ?" }7 D) |
said Robert Hogue, senior economist, RBC. "While housing affordability is! C! r) ~8 o2 Z5 ^1 T1 A/ c% _9 N& x
improving as the correction process runs its course. RBC's affordability
* D) n! [: O! w/ ^measures for the province are still at levels far off historical averages.". P) g- H8 H% T8 W! z
RBC notes that the sharp rise in unemployment since last summer is
0 I4 [5 S- \. iworrying households in the province and weighing down demand for housing,
1 X( K: U: U* X9 n# n7 Q+ I6 l4 Fwhich runs well short of available supply. Such weak market conditions have, D2 t4 b9 h5 C% T# G1 [
sustained the declining trend in prices for both existing and new homes.- p. m& b0 ]1 d8 Z \1 Y
The RBC Affordability measure for British Columbia, which captures the% o' g1 |0 @% w5 a# w
proportion of pre-tax household income needed to service the costs of owning a
' A; f* D2 t4 ]$ U& q4 qhome, improved across all housing segments in the last quarter of 2008., J) I5 N2 I, y- r F) b S) \; \
Affordability of detached bungalows in the province moved to 66 per cent, the
4 |$ n/ X" V1 T0 nstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
# M5 a$ z; ~# bthe standard two-story home to 73.7 per cent.. | X. ~8 e7 S ~, z& h
According to the report, there are signs that the B.C. housing markets
+ u9 d) C0 c% C: U: [2 Zmay be stabilizing as sales of existing homes appear to have bottomed out in; B/ h& G, F5 W# S' D
the closing months of 2008 and the first two in 2009 - although at. b1 R) _' s% K( E) w; J
historically depressed levels.
$ }9 x( [; v3 X/ k Despite sharply declining house prices and lower mortgage rates, the cost5 l4 a2 h1 r. G/ X4 Y: }& X
of homeownership in Vancouver is still the highest in the country. House
+ G+ |( J2 {/ |& S5 ~# Hprices continue to rapidly decline and pricing power remains firmly in the: ?+ `2 m1 g/ p+ A3 C, o
hands of buyers with the sales-to-new listings ratio at historical lows. "This
A- Y3 {/ x" ^ ]8 menormous imbalance suggests that prices will likely further correct in the
& `2 I7 c" M. }months ahead," added Hogue.
: l) \- A& _6 X* n j RBC's Affordability measure for a detached bungalow for Canada's largest
- A1 `$ Y. Y4 J4 |: u W' ucities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary# V2 S2 j N5 m
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
% Z8 c% c' V" x i The report also looked at mortgage carrying costs relative to incomes for# K* b7 A) Z" U6 Z( d( @: b. k
a broader sampling of cities across the country, including Victoria. For these! Y1 N3 ^- _; v/ U3 f
cities, RBC has used a narrower measure of housing affordability that only9 ^+ c( t% T) l6 m& a+ K/ y; S
takes mortgage payments relative to income into account.7 \3 }. u1 ` ?1 l
The Housing Affordability measure, which RBC has compiled since 1985, is
* |( M8 K( ?8 Z# O" T# a) Jbased on the costs of owning a detached bungalow, a reasonable property
/ k, q/ L9 ^* u' `, ]' c) g1 Dbenchmark for the housing market. Alternative housing types are also presented9 ?7 ^9 D3 x1 t2 _ O; x8 [
including a standard two-storey home, a standard townhouse and a standard5 O( a6 g8 O2 ?9 p- \6 |
condominium. The higher the reading, the more costly it is to afford a home.
# @0 c8 \( g P# aFor example, an Affordability reading of 50 per cent means that homeownership! V# `. z! N* e1 \
costs, including mortgage payments, utilities and property taxes, take up 50: Z a( t2 u8 r X9 R: {
per cent of a typical household's monthly pre-tax income.
( O* j# N4 b# y; i, r& x A6 D A! U! |& d+ _, j
<<
$ I) x! H( ` d4 o% [4 t& |4 H Highlights from across Canada:+ C- X2 m6 \# \& e2 s( P4 L7 M- Y
) t" k0 {4 C3 v* N& w( C2 @, Y - Alberta: Since last fall, the declining Alberta economy has X1 b6 L+ O0 U+ N% `) c# W. d
intensified the downdraft on the province's housing markets, causing( V* n# _- c( P0 M% V4 E# m
home resales to drop to a 12-year low at the end of 2008 and rebound& n7 j, x- ]4 ^4 L
only modestly since. Affordability has been on an improving track
" ?. t1 p9 X$ ?/ G. j& x since about the middle of 2007.
+ ~" p. p# v5 i" B- ~' v - Saskatchewan: Market activity has cooled considerably from the8 M f7 l; n5 g g' D2 @5 T
frenzied pace from 2006 to early 2008 and prices have begun to- V/ p! ~+ \9 z P6 }, Y
decline. Nonetheless, economic and demographic fundamentals are still
2 |) V$ p6 s; m6 b largely supportive of the housing market and overshadow extremely
1 U# @9 q" E* L poor affordability levels.( O. I9 e. i& Z% q' l& U
- Manitoba: Manitoba's housing markets have fared much better than the5 _( `" ]! _+ ^1 Q" E) ^5 W
vast majority in Canada: resale activity has slowed moderately and& j! |6 u5 g+ f9 {
prices have either held their own or edged down just slightly.
/ |4 L3 R- z S2 s9 T A5 N Affordability has been kept out of the danger zone, helping to
1 P8 j$ `' J; T4 E minimize any downside risks.
, }5 f" j J4 K) t$ B - Ontario: With the recession pounding many communities, housing market, _* g! ]- h" G/ @6 q# _! r
conditions have deteriorated considerably. However, the impact is! h! e# ~: w* O2 x
unlikely to develop into an all-out rout similar to that of the early
. j+ {. t! f' k# T6 j& V6 M 1990s. Affordability, while still causing some stress, is quickly# y9 r1 Z$ N: ]" _0 i. N
being restored to levels closer to long-term averages.
. T z$ z0 Y+ ? g" H T; B. }$ V - Quebec: The province's housing markets have been among the last in
3 s5 ] B: e9 S Canada to yield to the weakening trend. The main sign of cooling thus
2 ?9 Q) o# c& w6 k; q far has been a drop in resale activity, as prices have held up Z- ~1 o1 b f3 q7 j
reasonably well. Some of the persisting market strength can be
: c, h0 O7 U1 L9 m ascribed to sensible affordability levels, which had eroded only( e" k7 ~6 G1 c1 J, G
modestly in recent years.0 N6 c! r3 r# r( w. t' D0 ?. B) B6 X; G
- Atlantic region: Markets have largely remained stable against the. e4 e% F' y5 E* H0 p
general housing downturn, with St. John's becoming the housing hot
1 q6 C7 R7 Y5 _+ i/ E spot in Canada and Halifax and Saint John maintaining steady upward/ G2 H6 Y0 {; E: [; G" p
price momentum. The region is benefiting from improving affordability
* z1 t% l, N" i4 n# L6 P following two years of deterioration.( l* h7 t* e9 _
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