 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
: b5 R3 Q: E) Z* l2 r9 w m( p TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the, s5 n+ d9 c# }: K% j! K, D- g
middle of a significant correction that is partly reversing the extensive
/ N; m* ^) } f9 v: }8 z) V4 Wgains of recent years and which is helping restore affordability conditions,
6 t* [& B0 n0 q- c3 B6 p$ p9 w$ u laccording to the latest housing report released today by RBC Economics.
) K8 V( Y) H% F3 S "The province's housing markets remain under heavy downward pressure,"1 D$ K9 `6 H4 ]0 A8 I: w
said Robert Hogue, senior economist, RBC. "While housing affordability is+ n6 L" k+ ^4 [( g
improving as the correction process runs its course. RBC's affordability. y5 [# s9 E, [& o
measures for the province are still at levels far off historical averages." \) ^' T/ _( {) E
RBC notes that the sharp rise in unemployment since last summer is5 H( ]4 V4 b) q( A- c m. b
worrying households in the province and weighing down demand for housing,
+ [5 @4 N# g; g9 h% awhich runs well short of available supply. Such weak market conditions have
0 S1 P n# g6 w) zsustained the declining trend in prices for both existing and new homes.8 a. ]; K9 ? |& f
The RBC Affordability measure for British Columbia, which captures the& J$ i& `5 ]& D2 w! d3 g7 }
proportion of pre-tax household income needed to service the costs of owning a2 l$ k" R3 r/ @# }* ^7 U
home, improved across all housing segments in the last quarter of 2008.
9 W; X$ w, f2 EAffordability of detached bungalows in the province moved to 66 per cent, the
! ]. L \/ A4 U. pstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and' ~7 F- s0 R( q+ q
the standard two-story home to 73.7 per cent.
2 L7 }% ~& a2 I5 F# L; f According to the report, there are signs that the B.C. housing markets8 h8 a: [+ C: I, z4 |( x
may be stabilizing as sales of existing homes appear to have bottomed out in U, ]& ?! b6 K- A) j4 R' s
the closing months of 2008 and the first two in 2009 - although at
/ }! A1 k/ `6 N4 d4 `historically depressed levels." J2 {5 C9 B8 T& T; ?7 Y) i6 j
Despite sharply declining house prices and lower mortgage rates, the cost0 p( X* K! \0 Q0 P9 R- J2 {
of homeownership in Vancouver is still the highest in the country. House
" J. |8 ]& Y: A$ V0 S& Q* Fprices continue to rapidly decline and pricing power remains firmly in the W: R4 B; s, c# p* R1 C
hands of buyers with the sales-to-new listings ratio at historical lows. "This$ X: v& n" i0 w- c
enormous imbalance suggests that prices will likely further correct in the5 Z" u" B# V: M$ v1 @
months ahead," added Hogue.1 O; B- t3 m8 c$ D- j
RBC's Affordability measure for a detached bungalow for Canada's largest- [3 v5 ]9 Y" \2 m( K
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary) I8 S2 B F0 u& K d
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.& c9 P- ^: c9 c: G
The report also looked at mortgage carrying costs relative to incomes for
+ \; }* G+ K* ^ |4 ga broader sampling of cities across the country, including Victoria. For these0 }* h: q- m7 t0 m& N: n7 _& j
cities, RBC has used a narrower measure of housing affordability that only
+ x) q! \1 z7 b* m9 b. h6 mtakes mortgage payments relative to income into account.1 F7 G) x2 w. Y1 o/ x* t
The Housing Affordability measure, which RBC has compiled since 1985, is5 a/ L6 v$ H: }3 b, O
based on the costs of owning a detached bungalow, a reasonable property& B' o/ f2 s0 s5 u
benchmark for the housing market. Alternative housing types are also presented
. V7 \* n) z. ~# ^ q! S8 D, F4 A2 L3 @including a standard two-storey home, a standard townhouse and a standard
' g9 g7 a* g: n& W! C9 Xcondominium. The higher the reading, the more costly it is to afford a home.
5 P4 s6 D4 l# T% | W7 [; }5 EFor example, an Affordability reading of 50 per cent means that homeownership. I/ S$ v) Q* }& J9 s
costs, including mortgage payments, utilities and property taxes, take up 507 u- @( l0 \2 e
per cent of a typical household's monthly pre-tax income.# v( S# ~( R3 l; V
7 g. V3 v! o9 q <<0 Q8 ]: ~; V0 _* ^! D# O3 t
Highlights from across Canada:
: F9 s0 y2 y( b5 m$ A) r" s3 F- x* e. o. j- K' v6 Z
- Alberta: Since last fall, the declining Alberta economy has: C7 F6 }1 d& s- x/ h! U
intensified the downdraft on the province's housing markets, causing6 t+ {% B8 {2 R7 W2 x- m r! K
home resales to drop to a 12-year low at the end of 2008 and rebound# a" F- b3 _6 I* i0 s5 @' O# ~
only modestly since. Affordability has been on an improving track' q u7 Z% @5 b3 W: e# u. ?% h
since about the middle of 2007.
% v; c: {3 G5 C% h1 [; f - Saskatchewan: Market activity has cooled considerably from the! _9 [5 k4 w; x! {
frenzied pace from 2006 to early 2008 and prices have begun to8 M- Q. F, o' n$ n! c
decline. Nonetheless, economic and demographic fundamentals are still3 R$ G' r; \$ E' I$ e" x9 `1 i6 N6 o
largely supportive of the housing market and overshadow extremely
% K* o# p) F, b% b9 f/ H poor affordability levels.9 Y1 j+ O h* A' H
- Manitoba: Manitoba's housing markets have fared much better than the+ y2 x9 |1 g& F
vast majority in Canada: resale activity has slowed moderately and/ x' T J: W3 }, w$ i7 g0 I1 k
prices have either held their own or edged down just slightly.
_ q k/ N$ z$ ~: y& o7 _. `( H Affordability has been kept out of the danger zone, helping to+ i9 I4 f/ @3 I% a' I& v
minimize any downside risks.8 R! q0 v: u- o$ J* y
- Ontario: With the recession pounding many communities, housing market7 Q% m; S+ j& _
conditions have deteriorated considerably. However, the impact is
0 `8 |& X' J$ I% L* k* j unlikely to develop into an all-out rout similar to that of the early
7 ?6 p/ t7 n5 z% p: F 1990s. Affordability, while still causing some stress, is quickly' }9 m: Y) `$ ]5 V
being restored to levels closer to long-term averages.% c5 \3 k! c# J8 ?: y
- Quebec: The province's housing markets have been among the last in
. A* W7 P6 U8 R ~; z n4 o Canada to yield to the weakening trend. The main sign of cooling thus1 g) P& u6 o" v6 v( A% j; A
far has been a drop in resale activity, as prices have held up
1 q- M$ s# j* K% ]/ r8 N7 P- S1 s reasonably well. Some of the persisting market strength can be s$ q+ B% P2 @5 T' G
ascribed to sensible affordability levels, which had eroded only, w" i- v. _+ w6 ^+ e. {$ r1 @ j4 f
modestly in recent years.
6 @4 e' U2 O) C8 M1 I - Atlantic region: Markets have largely remained stable against the
9 R( h. w7 K' \ general housing downturn, with St. John's becoming the housing hot
, c/ B6 A3 h- o! i$ g7 | spot in Canada and Halifax and Saint John maintaining steady upward
% t1 p1 U Q; H. E price momentum. The region is benefiting from improving affordability9 l2 p0 B& X3 a
following two years of deterioration.
5 r" T [$ f: {! g >> |
|
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
