 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
( e Z4 z) d6 \' E TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
7 _; p4 Y6 i, `0 ]middle of a significant correction that is partly reversing the extensive2 p& c, g* G, n5 i! v
gains of recent years and which is helping restore affordability conditions,
% j6 U" z; v v- Z8 g3 Naccording to the latest housing report released today by RBC Economics.( a- h+ E3 Y6 i( ^$ Z/ [
"The province's housing markets remain under heavy downward pressure,"+ F) E- o. m: a% r/ v8 ]3 G5 Z% R
said Robert Hogue, senior economist, RBC. "While housing affordability is
|. B/ x, o& bimproving as the correction process runs its course. RBC's affordability- \+ ?9 |$ e$ R. G: _7 C
measures for the province are still at levels far off historical averages."
) p; K4 D O1 ?9 m8 V RBC notes that the sharp rise in unemployment since last summer is, N' ^) ]3 ~2 o1 Q1 b$ x- q
worrying households in the province and weighing down demand for housing,% T8 E. i& p( w' a, }
which runs well short of available supply. Such weak market conditions have6 ?8 ^! j" I% h9 R% z& S- `$ n
sustained the declining trend in prices for both existing and new homes.
* I# F3 A- ^0 K7 n2 d) t6 a# j The RBC Affordability measure for British Columbia, which captures the( {+ K4 n$ ~: B5 L# h2 n
proportion of pre-tax household income needed to service the costs of owning a# G7 K1 T# {0 |6 b" F8 H8 D2 _
home, improved across all housing segments in the last quarter of 2008.
/ ^$ D- w! }2 `1 Q# l$ `3 W; wAffordability of detached bungalows in the province moved to 66 per cent, the
6 g `! F! x: }) ]$ n' r) Wstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and7 y2 `# i0 T9 u
the standard two-story home to 73.7 per cent.3 S. i; x7 I$ Y9 d
According to the report, there are signs that the B.C. housing markets
: |# q( V9 x/ l7 b8 l; ^' pmay be stabilizing as sales of existing homes appear to have bottomed out in
, R- Z S: {3 j: D4 Sthe closing months of 2008 and the first two in 2009 - although at# t: `+ t7 b$ @8 \3 a: c3 f
historically depressed levels.2 O, v, t9 d7 d5 ]' a* p
Despite sharply declining house prices and lower mortgage rates, the cost+ ^3 X8 U8 b/ F
of homeownership in Vancouver is still the highest in the country. House
# E- y' G) V) d( k- Rprices continue to rapidly decline and pricing power remains firmly in the5 q, M2 q0 e$ @
hands of buyers with the sales-to-new listings ratio at historical lows. "This! z/ A" a3 n) `$ V4 e+ ^( I# R
enormous imbalance suggests that prices will likely further correct in the
! z6 b/ f8 u9 m4 z0 I$ Emonths ahead," added Hogue.
9 K9 X# J9 M0 w& ~- w RBC's Affordability measure for a detached bungalow for Canada's largest- Y$ C* s' a: ~; W
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary2 j6 \" ~7 N: Z# c) Q4 v
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
* J' q3 Q9 C" [) z1 S# `5 i The report also looked at mortgage carrying costs relative to incomes for
2 o1 x. H9 N) {a broader sampling of cities across the country, including Victoria. For these
3 W8 `8 \+ N1 R7 J/ @cities, RBC has used a narrower measure of housing affordability that only
6 Y' w! X/ }" H( {0 S6 ^takes mortgage payments relative to income into account.8 _' T# i' K9 W+ c$ {$ g3 n3 p
The Housing Affordability measure, which RBC has compiled since 1985, is
3 R9 M5 r" D2 Z: N$ f+ @3 } cbased on the costs of owning a detached bungalow, a reasonable property
0 f6 p; Q3 t: P" @+ A. wbenchmark for the housing market. Alternative housing types are also presented
" a1 a2 {. I/ ]1 C8 z* l zincluding a standard two-storey home, a standard townhouse and a standard* a1 H7 Q3 I( z% }1 X
condominium. The higher the reading, the more costly it is to afford a home.
/ D& r( h4 _' X I& K) `3 BFor example, an Affordability reading of 50 per cent means that homeownership
! a4 }$ T* Q& V6 c) dcosts, including mortgage payments, utilities and property taxes, take up 50
7 ` i5 ]/ N! y ~+ r" K& oper cent of a typical household's monthly pre-tax income.
) t6 N* ^- [7 {: M! \$ S6 E# U. e- N+ a( e1 G9 w2 R
<<# B6 G# B. i3 e4 l9 w% j
Highlights from across Canada:
5 f+ O* P/ @% k
) x" W8 x5 g6 u$ I& G8 l - Alberta: Since last fall, the declining Alberta economy has' L2 d& \/ o) \* J
intensified the downdraft on the province's housing markets, causing
* W7 K9 u5 f9 ~+ k home resales to drop to a 12-year low at the end of 2008 and rebound* D4 C) o) e- C9 b) H- ~4 T
only modestly since. Affordability has been on an improving track
( v6 Y( u/ O: j& P since about the middle of 2007.
7 E; x J/ K) b6 I - Saskatchewan: Market activity has cooled considerably from the) Y, G' R2 u! D' W6 H. C% B
frenzied pace from 2006 to early 2008 and prices have begun to
3 P- C* e$ p2 t J decline. Nonetheless, economic and demographic fundamentals are still
8 V) M. ?' R. l largely supportive of the housing market and overshadow extremely: y s- M9 ~" v" }1 {, b3 M
poor affordability levels.3 Z) ?7 O/ X. H4 M
- Manitoba: Manitoba's housing markets have fared much better than the$ n5 Y* u$ n/ } p
vast majority in Canada: resale activity has slowed moderately and
, P: N( N9 m1 V: p prices have either held their own or edged down just slightly.3 P4 t: k* t* q2 y# y
Affordability has been kept out of the danger zone, helping to/ _3 Y4 N: n6 y* E3 x
minimize any downside risks.% a9 J0 u) e5 T9 B
- Ontario: With the recession pounding many communities, housing market# A5 n: y# l4 T2 r- k) _3 B( {
conditions have deteriorated considerably. However, the impact is
: J& T9 y, d( T0 ^+ H unlikely to develop into an all-out rout similar to that of the early
6 T5 {0 K7 b7 q% ?' Z 1990s. Affordability, while still causing some stress, is quickly' m- X1 m% k( q; T; t$ s
being restored to levels closer to long-term averages.
- M, a S; V( X* g. d( U - Quebec: The province's housing markets have been among the last in* D: p) e* D+ G) P) z0 V
Canada to yield to the weakening trend. The main sign of cooling thus
/ J* ~; l8 U% L! i5 K! c3 S& E far has been a drop in resale activity, as prices have held up
9 s; _+ v: e! C3 b4 l% N reasonably well. Some of the persisting market strength can be4 t' n. y8 x- g: T" l$ P
ascribed to sensible affordability levels, which had eroded only4 ?8 F T( }. h: v7 r/ e0 o( M
modestly in recent years.
# ]& M+ Y+ Q2 x9 c7 M - Atlantic region: Markets have largely remained stable against the
1 t0 i' F4 w' T& r/ d) b" A general housing downturn, with St. John's becoming the housing hot' s6 e3 T# C3 q" h4 r5 w& E
spot in Canada and Halifax and Saint John maintaining steady upward
- O. {9 P: _6 C. h2 S$ k y/ R price momentum. The region is benefiting from improving affordability
: L/ @! K! ?' C4 P following two years of deterioration.* E$ ?: t; K! x+ a- ~ G- N
>> |
|
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
