 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC 4 Z+ h) U: d* g- H. h J
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
2 U! _ }+ X4 E* d. Y$ z0 E/ T Emiddle of a significant correction that is partly reversing the extensive
- D9 r! h+ y% l* G0 @+ v: H# Ngains of recent years and which is helping restore affordability conditions, ?" v2 E, u( _' {& P. b" f, C
according to the latest housing report released today by RBC Economics.
% ~5 y& ?8 L& ?8 Z1 r "The province's housing markets remain under heavy downward pressure,"7 J5 b% e0 X4 D$ {( m% d Z
said Robert Hogue, senior economist, RBC. "While housing affordability is
! i% |# r) W$ k) a R# c7 nimproving as the correction process runs its course. RBC's affordability1 z+ F: C0 b! n* A# x/ h
measures for the province are still at levels far off historical averages."* o* f* f1 l6 {3 i" E
RBC notes that the sharp rise in unemployment since last summer is
6 W1 {/ T: U4 X7 Zworrying households in the province and weighing down demand for housing,: C( r* [# ]' X4 R. O! l7 o2 a
which runs well short of available supply. Such weak market conditions have+ ~) U* D! c- W f5 O% K
sustained the declining trend in prices for both existing and new homes.
3 ]5 J& p: W" t3 q The RBC Affordability measure for British Columbia, which captures the
, E) U j" Y' o' K4 k, pproportion of pre-tax household income needed to service the costs of owning a ^, X5 I6 y g2 G" s; R
home, improved across all housing segments in the last quarter of 2008.8 g- A8 t' T0 { t' d9 ~) ^( y
Affordability of detached bungalows in the province moved to 66 per cent, the1 ^5 P% t7 _& {3 _8 x) A$ J2 H+ T
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
4 E) d4 ~8 B+ Y- kthe standard two-story home to 73.7 per cent.
4 T4 E: T1 S1 _9 Y4 ^( [& i: C# J According to the report, there are signs that the B.C. housing markets
& d# ^# u% E! R6 W9 B7 r1 umay be stabilizing as sales of existing homes appear to have bottomed out in
5 v$ U+ N s& Q* } q% Z5 Kthe closing months of 2008 and the first two in 2009 - although at& c8 P- h3 ]* T1 Q: J
historically depressed levels.# R% F3 B$ o1 ~/ r
Despite sharply declining house prices and lower mortgage rates, the cost# [- c. T3 a% M% A
of homeownership in Vancouver is still the highest in the country. House
' o3 e1 ^0 }+ D( X7 vprices continue to rapidly decline and pricing power remains firmly in the+ P: p! K7 C0 I) q/ T% A/ `
hands of buyers with the sales-to-new listings ratio at historical lows. "This6 m+ e. @) [7 V* I6 q- k. G
enormous imbalance suggests that prices will likely further correct in the6 ^( |4 Y; a' J0 @* N
months ahead," added Hogue.
$ g( z9 j# G* E0 ~" X5 J: v RBC's Affordability measure for a detached bungalow for Canada's largest8 p/ g( L1 F, F4 H4 F; y# B
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
; N5 Q/ @' s5 r9 R8 f42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.0 i7 ]. q$ ]" }" G
The report also looked at mortgage carrying costs relative to incomes for
' `4 m1 g' I0 O: e. Y4 w9 ^! ta broader sampling of cities across the country, including Victoria. For these! J5 j3 c, t+ i" A) D& W* i
cities, RBC has used a narrower measure of housing affordability that only1 O5 A: C. c: F/ R
takes mortgage payments relative to income into account.
4 Z5 W7 n) M, R# L The Housing Affordability measure, which RBC has compiled since 1985, is4 q4 d3 Y9 e+ r8 N. D
based on the costs of owning a detached bungalow, a reasonable property$ Y/ T/ R8 I3 B9 A" k5 @/ _
benchmark for the housing market. Alternative housing types are also presented# P! z* _% V2 e( m" d$ Q0 X
including a standard two-storey home, a standard townhouse and a standard" W q9 F3 B! [* l
condominium. The higher the reading, the more costly it is to afford a home.
) l- s) x; a# L4 n* ZFor example, an Affordability reading of 50 per cent means that homeownership
, r' E. {* S9 k4 z( ?1 Icosts, including mortgage payments, utilities and property taxes, take up 506 g: t6 m& O0 M& C1 r* k
per cent of a typical household's monthly pre-tax income.# k. A) ?; K/ T$ J8 l5 e5 J w
3 C# `1 W. @0 s7 c5 z k$ a% y
<<4 }8 ?. D6 F% o& B& F2 ?
Highlights from across Canada:
% A M# f8 ~4 u, J7 ~* K' h7 k& w) g
- Alberta: Since last fall, the declining Alberta economy has
2 ?9 ]1 x- i) l3 @ intensified the downdraft on the province's housing markets, causing
( [( _1 W( f: h( ]+ H q home resales to drop to a 12-year low at the end of 2008 and rebound! I3 Z5 D' m$ ]- s3 w) O& ]4 l
only modestly since. Affordability has been on an improving track* E9 n2 O' \2 g$ K3 \- ~! k7 v% H
since about the middle of 2007.) o% u: f+ ?* n5 C
- Saskatchewan: Market activity has cooled considerably from the- T( T+ u5 Y4 H; t1 W+ b6 [! Y5 X
frenzied pace from 2006 to early 2008 and prices have begun to
, D+ V* I# n( d# w! l9 ~ decline. Nonetheless, economic and demographic fundamentals are still
: N4 {3 q0 c' \ C largely supportive of the housing market and overshadow extremely
- ?3 e9 p+ v: O poor affordability levels.
( J: U8 W* h- M3 \4 N - Manitoba: Manitoba's housing markets have fared much better than the
* X) R4 q3 Z$ g: }) [ vast majority in Canada: resale activity has slowed moderately and6 p5 q% L& s& c* k$ a4 ]. S8 ]5 ^+ Q
prices have either held their own or edged down just slightly.+ V* T. w7 B5 u) C& s0 c% X0 ]
Affordability has been kept out of the danger zone, helping to. [) }4 N) ?, [- ~9 s" _
minimize any downside risks.
# g0 T, j+ T' r O, \: s - Ontario: With the recession pounding many communities, housing market
9 ?2 Q9 o" Q1 d! m* u2 S conditions have deteriorated considerably. However, the impact is7 P" I" q3 V4 {4 H* I+ R5 I7 D$ V
unlikely to develop into an all-out rout similar to that of the early
& {# D: n- K5 l) z( t" y! ] 1990s. Affordability, while still causing some stress, is quickly+ X) w, h, o$ N
being restored to levels closer to long-term averages." e& |- S4 W! Q0 B/ z5 K
- Quebec: The province's housing markets have been among the last in
. r" @; `1 z2 e' Y4 l8 }: a1 L- C Canada to yield to the weakening trend. The main sign of cooling thus
0 L" I) }& ?# z* R6 a far has been a drop in resale activity, as prices have held up
) y& |9 g0 K# e2 y. S2 i reasonably well. Some of the persisting market strength can be0 L' H) B; H. ]& K, a
ascribed to sensible affordability levels, which had eroded only; X4 [7 t: C8 v6 S& }
modestly in recent years.
. E6 S# X, v% j/ T - Atlantic region: Markets have largely remained stable against the
$ _8 _5 f8 f/ v, F+ B general housing downturn, with St. John's becoming the housing hot
- A; u- ? y. s spot in Canada and Halifax and Saint John maintaining steady upward
; W D6 v' ?# w( z price momentum. The region is benefiting from improving affordability
( d- Y. B* o- J3 ^) c h following two years of deterioration.
. L1 h% D7 s3 ]3 Y% d >> |
|
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
