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ZT: Cost of home ownership continues to rise: RBC
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0 f; E) i) B/ x6 K; PCanadian Press0 ^% y4 ^* F) E8 B4 p; ^
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Wednesday, September 12, 2007 y: G3 H$ m% W* o( O+ o+ l
: N" g" P, V8 x6 C( N5 j) Q3 q: {8 {TORONTO — The cost of owning a home in Canada continued to climb in the second quarter as affordability in Western Canada showed the biggest change, according to a new report by the Royal Bank.
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Saskatchewan suffered its worst ever quarterly deterioration of affordability on record, according to the bank, as an influx of people caught the housing supply off guard., K0 ~5 x4 e$ S; T% R. }
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“In the second quarter, Canada's housing affordability experienced one of the largest and most broadly based quarterly deteriorations since the mid-1990s,” said Derek Holt, assistant chief economist, RBC., E( {/ R- q4 E x
) e' k9 r1 N5 X“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”) \) ~% b( o$ V' q6 m
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The report measures the proportion of pre-tax household income needed to service the costs of owning a home. The higher the reading, the more costly it is to afford a home
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% P7 ?; k# D$ E2 z e2 d! C0 u: DThe bank said a standard condo was the most affordable, requiring about 29 per cent of income compared with 27.5 per cent in the first quarter.
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4 K f/ A. K# z, r; Y, ? J# aA standard townhouse was next at 33 per cent, up from 31.5 per cent in the first quarter followed by a detached bungalow which increased from 39 per cent to 41 per cent in the second quarter.
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+ R2 j( B* J( ]8 EA standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.
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& _9 K: B9 k) N# HSaskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.
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Affordability fell about 20 per cent in Saskatchewan with no signs that prices were letting up yet, but the bank said the high prices were starting to weigh on demand.
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2 G5 J" j8 ~6 n3 H" {6 IAmong Canada's largest cities, a detached bungalow in Vancouver was the most expensive with the proportion of pre-tax household income needed to own a home coming in at 71 per cent. Toronto and Calgary followed at 45 per cent, Montreal at 36 per cent and Ottawa at 31 per cent.
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“Market conditions in Vancouver have loosened up during the year, but conditions remain tilted in favour of a seller's market and are still supportive of fairly strong price gains,” the report said. |
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发表于 2007-9-12 08:55
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