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ZT: Cost of home ownership continues to rise: RBC+ J$ {* B2 c4 N
& X3 m! O4 h {# `, Y3 DCanadian Press
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8 P" Q' k% o6 ^4 \Wednesday, September 12, 20076 f4 N# H: W. ~7 |9 B$ P) M
& ?5 q6 V4 L3 J, v* U$ hTORONTO — 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.
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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.
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7 d' H" c) L! u) k$ B D“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”1 T% I* C; h0 F8 o/ ~3 Q
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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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The 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./ s" O# K. e/ y+ j5 h$ a
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A 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.6 u. i9 C& F( L* m- f0 K
! I3 H3 Q0 U) V2 z" PA 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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Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.% ^- M3 v) ?" T# h
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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.; Z' g- g# _2 T* q
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Among 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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' M! z+ n: K0 b6 t/ e“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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