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ZT: Cost of home ownership continues to rise: RBC) m4 z- Q+ V0 @! w+ L+ w* u
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Canadian Press O. K: g* L( E$ _4 w$ a) l- I a
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Wednesday, September 12, 2007* Z1 y E8 ~; K4 O) y
. I% c; h: j+ F7 N( aTORONTO — 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.: h" {' }+ K u# Z& }
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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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9 X' l; c* j# H3 f3 A“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.; {1 O( r: k( M% ?& ]
$ n1 U0 ?7 x2 F* @7 j& f1 N9 U$ c“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”% q' {& w8 N3 w# }8 K2 d4 s7 M+ W
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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., [9 X5 e' y8 o0 d8 g8 k6 l+ A
1 }( L( y& E' V: ]+ Y! U) nA 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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! [( u1 D4 e& {, }5 O+ l) PA standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.8 k% y4 b! b' G8 s. K
9 Q9 Y# f. D1 ~- B/ T! pSaskatchewan, 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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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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1 q- f, x$ v- X“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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