 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC , N( k9 M: k, {6 t* Z+ r
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
5 ?: `7 f+ T8 \" mmiddle of a significant correction that is partly reversing the extensive* d/ ^) D& H0 M5 f, M6 }" \# Z6 D
gains of recent years and which is helping restore affordability conditions,3 V3 ^" U+ v9 x; @! N5 u
according to the latest housing report released today by RBC Economics.
( H- ^6 Y1 e: f c1 p+ u "The province's housing markets remain under heavy downward pressure,"
% R9 N8 K1 w4 Z) |1 H$ X& [5 p/ P. dsaid Robert Hogue, senior economist, RBC. "While housing affordability is
H1 m: `* S* S6 U+ {improving as the correction process runs its course. RBC's affordability
& w5 A5 x; M9 p; w/ `measures for the province are still at levels far off historical averages."
* v) A- M2 L. N, N8 Y) a RBC notes that the sharp rise in unemployment since last summer is
: h4 l% f8 R2 @: S3 W0 Jworrying households in the province and weighing down demand for housing,+ G, ~5 x7 F+ @3 Q& V7 O& C7 E2 @
which runs well short of available supply. Such weak market conditions have! ^& _" w; E1 B5 \8 G1 q) u+ {
sustained the declining trend in prices for both existing and new homes.) H8 h9 c- m) a' y: G! e& u0 n. o& n
The RBC Affordability measure for British Columbia, which captures the
; K' f; W4 [ U4 c) h; yproportion of pre-tax household income needed to service the costs of owning a$ m3 m: e0 m8 e
home, improved across all housing segments in the last quarter of 2008.* v, H1 D/ T3 U1 R7 Y
Affordability of detached bungalows in the province moved to 66 per cent, the
1 B5 J1 C4 ]8 Z/ r- s% sstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
' z$ F$ }/ [ I- a9 n. C @the standard two-story home to 73.7 per cent./ K% E5 B6 Z7 j, R1 {! t
According to the report, there are signs that the B.C. housing markets
- _' {/ P; e2 F( _" ^( S4 zmay be stabilizing as sales of existing homes appear to have bottomed out in9 f2 y2 P+ {% y$ [( P8 s
the closing months of 2008 and the first two in 2009 - although at
* e% y6 _3 F! }* d; U' D3 Ohistorically depressed levels.
1 n5 C+ B3 j0 u3 X. B, \ Despite sharply declining house prices and lower mortgage rates, the cost4 j/ x7 G/ g5 p
of homeownership in Vancouver is still the highest in the country. House
. d( J4 _% }9 ~. J+ M) o2 p; Q! Kprices continue to rapidly decline and pricing power remains firmly in the
% G/ `; X0 [& ~9 m$ y3 Nhands of buyers with the sales-to-new listings ratio at historical lows. "This4 U3 ?# _0 {2 G* @
enormous imbalance suggests that prices will likely further correct in the& O1 Z" z4 Z9 T) ^
months ahead," added Hogue.) t0 T: I! L, K+ d
RBC's Affordability measure for a detached bungalow for Canada's largest! \6 O. G$ }8 A$ c& M8 W
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
0 E1 i$ Z+ R2 Q Q) u: K5 L8 y42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
; D0 {; w6 c8 @% M The report also looked at mortgage carrying costs relative to incomes for4 k& D6 c# I6 L8 j
a broader sampling of cities across the country, including Victoria. For these
" W+ C0 _. ]& Kcities, RBC has used a narrower measure of housing affordability that only
2 A7 H0 m! g% F5 N; X vtakes mortgage payments relative to income into account.8 H- R; [! P2 ^( s. D6 o( t& @
The Housing Affordability measure, which RBC has compiled since 1985, is
$ f i f2 T* Z8 Ebased on the costs of owning a detached bungalow, a reasonable property
: O) N8 b5 ?+ x& b# zbenchmark for the housing market. Alternative housing types are also presented2 F, C2 o: B0 d. Z% S
including a standard two-storey home, a standard townhouse and a standard
2 ^; ?# `$ z6 k+ Jcondominium. The higher the reading, the more costly it is to afford a home.
7 [# n6 Z+ d' \) U* v. G& s6 YFor example, an Affordability reading of 50 per cent means that homeownership( f- H2 w) V% z8 j) g/ ^; l6 R
costs, including mortgage payments, utilities and property taxes, take up 50
. J! H; V; \* X3 D/ \per cent of a typical household's monthly pre-tax income.( e( k+ O( m. ?- Z9 O
5 d; h5 J& U9 D( {* B, { <<8 ]9 T9 }8 ?" h: B
Highlights from across Canada:
! g% ?( ^9 k* P9 x+ @0 U; m! }4 g$ t
- Alberta: Since last fall, the declining Alberta economy has
2 E# a; _# }' W: U- O2 M intensified the downdraft on the province's housing markets, causing
) k, |% G4 ]+ ]# h' r home resales to drop to a 12-year low at the end of 2008 and rebound
& \& G) G: L; l6 G/ s3 s8 i only modestly since. Affordability has been on an improving track
3 x, u; R9 a9 K8 } since about the middle of 2007.
$ d R2 c- |4 \% w2 v7 R* ^ - Saskatchewan: Market activity has cooled considerably from the
5 w& y$ h5 O, O, U frenzied pace from 2006 to early 2008 and prices have begun to$ t8 |& N8 p; Q1 `# c x7 ?
decline. Nonetheless, economic and demographic fundamentals are still8 f9 y3 w0 L g7 n3 j+ C
largely supportive of the housing market and overshadow extremely( r" _) I' O" j m
poor affordability levels.8 Q- E4 H, ], A- t: V
- Manitoba: Manitoba's housing markets have fared much better than the) l( `% D6 D& E( x b& S3 k2 W
vast majority in Canada: resale activity has slowed moderately and
' t. }5 S( T- T% p3 q( _ prices have either held their own or edged down just slightly.
( |" z5 V8 K+ D6 U* H$ E" j Affordability has been kept out of the danger zone, helping to) O8 r* T& @9 ^( N) p# s
minimize any downside risks.) W8 q: Z# H4 j; B8 p
- Ontario: With the recession pounding many communities, housing market
( G, m, e' P( b- q/ Z5 u: [) ? conditions have deteriorated considerably. However, the impact is4 D+ n' |! A- L. _! H7 }
unlikely to develop into an all-out rout similar to that of the early
" {! b" ^( q$ Z* U8 ~ 1990s. Affordability, while still causing some stress, is quickly
G9 ?7 l2 N2 o2 H' W$ p being restored to levels closer to long-term averages.
S, Q4 c, v* p. z - Quebec: The province's housing markets have been among the last in2 m# U# t- D: K N: Q* L# \* l
Canada to yield to the weakening trend. The main sign of cooling thus
: v& E. W7 s# o# Z$ L/ Z; M5 ] far has been a drop in resale activity, as prices have held up$ N; a1 p2 D, U1 I0 ?
reasonably well. Some of the persisting market strength can be
! V+ q1 L" ?0 Z# `- C6 c ascribed to sensible affordability levels, which had eroded only8 S2 ?) D& N9 v/ y* C/ t7 f% F
modestly in recent years.
! w( G8 L' x( ?! G- ^7 P, t( a - Atlantic region: Markets have largely remained stable against the9 t9 W! e+ r- \% R+ S" w
general housing downturn, with St. John's becoming the housing hot0 t3 u; Z) b. v/ F6 S! y
spot in Canada and Halifax and Saint John maintaining steady upward8 H+ P' g/ S: G9 y" G1 _
price momentum. The region is benefiting from improving affordability
8 R) Z4 g+ Z+ B$ E" n) F following two years of deterioration.* q; @3 X7 D2 w, e) _- s( 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
