 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
0 I9 @" Z1 o0 D \9 `, f. t TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the4 @4 h7 L$ ?' z' j6 p, S: d- E0 N
middle of a significant correction that is partly reversing the extensive
: B0 t7 `- p1 B6 |gains of recent years and which is helping restore affordability conditions,, i1 E; j0 o9 \% P" x* O3 Z
according to the latest housing report released today by RBC Economics.; z* F2 k$ @; v/ e8 u
"The province's housing markets remain under heavy downward pressure,"0 e4 A- b# y6 w7 W5 f$ ~: B* e
said Robert Hogue, senior economist, RBC. "While housing affordability is
. @0 }! C: ?9 ~( kimproving as the correction process runs its course. RBC's affordability I& @; s2 k/ I0 R( J
measures for the province are still at levels far off historical averages."
+ x: x- J/ n, }5 f4 M RBC notes that the sharp rise in unemployment since last summer is1 Y% ~; I& g( d$ Z. z) c5 j
worrying households in the province and weighing down demand for housing,
% L \" a% U' Jwhich runs well short of available supply. Such weak market conditions have
& m- i) G5 A `& W6 N* Osustained the declining trend in prices for both existing and new homes.2 K7 G. M; R4 \( Q
The RBC Affordability measure for British Columbia, which captures the" ?8 n& ?2 c" d7 @- f. J
proportion of pre-tax household income needed to service the costs of owning a
N ]+ g- A/ f9 n) W+ U0 Ahome, improved across all housing segments in the last quarter of 2008.
( k. d* `: W: n- _( [Affordability of detached bungalows in the province moved to 66 per cent, the
; D1 F: ~2 w: Fstandard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
$ K. A4 S( T) ^. cthe standard two-story home to 73.7 per cent.$ y5 L6 c3 U9 F5 @
According to the report, there are signs that the B.C. housing markets: _6 B: e* K" h# o+ ]3 q/ k
may be stabilizing as sales of existing homes appear to have bottomed out in7 O# P& I7 o& n% ?" N
the closing months of 2008 and the first two in 2009 - although at: X) C! N0 i3 M. t, z0 P3 k
historically depressed levels.% v: x% v& l+ A+ C2 K" r" J$ Q- S
Despite sharply declining house prices and lower mortgage rates, the cost8 L' z2 y" u3 c' n
of homeownership in Vancouver is still the highest in the country. House
( i, i7 B2 v" P4 G* f1 Aprices continue to rapidly decline and pricing power remains firmly in the. u& A( C/ d; o# b* ~4 ^
hands of buyers with the sales-to-new listings ratio at historical lows. "This* ?- i. b. Y: L0 S. C2 b- t
enormous imbalance suggests that prices will likely further correct in the
2 G7 f \1 p* p' b H/ E! Ymonths ahead," added Hogue.. }# R% H- p9 G
RBC's Affordability measure for a detached bungalow for Canada's largest" L: u) } J& | g
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary5 w2 M2 {" c1 W+ @" e+ K7 ~9 ^
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
4 X6 M2 p* B( [/ a1 P The report also looked at mortgage carrying costs relative to incomes for
0 `5 C5 n% s8 ^5 }' m9 r! Fa broader sampling of cities across the country, including Victoria. For these
5 J- ]7 k. d* N4 @cities, RBC has used a narrower measure of housing affordability that only3 W9 f3 s j- v* [
takes mortgage payments relative to income into account." m) }, b# ?' `9 G) W
The Housing Affordability measure, which RBC has compiled since 1985, is/ |. M! A; |/ e8 r( P$ I2 q9 ^
based on the costs of owning a detached bungalow, a reasonable property; q( |( H7 `$ V l8 J! t" q" j
benchmark for the housing market. Alternative housing types are also presented$ y8 G' W5 M h4 v+ u
including a standard two-storey home, a standard townhouse and a standard
! b! p( N0 x! z% O) @- @" xcondominium. The higher the reading, the more costly it is to afford a home.
8 W& g* `! k+ X, bFor example, an Affordability reading of 50 per cent means that homeownership
1 J8 c2 ^( e) v7 ~ |costs, including mortgage payments, utilities and property taxes, take up 50
3 W% `9 M8 F! M a T0 sper cent of a typical household's monthly pre-tax income.
7 N; L! M$ b6 v; i8 v1 I6 v- ]. ?7 {
<<
5 H+ G1 p- F" U/ ?: J7 W Highlights from across Canada:( S# T$ }+ h$ w8 ?2 x3 [, h8 |3 j
1 A D- w5 E# @$ V, T5 t - Alberta: Since last fall, the declining Alberta economy has' u! t2 r4 h, x3 q" j$ T
intensified the downdraft on the province's housing markets, causing5 a" ^, V L! S! ~) X& C
home resales to drop to a 12-year low at the end of 2008 and rebound/ d }7 g/ P5 \( W0 `
only modestly since. Affordability has been on an improving track
, l. y# y; [; s; f, w since about the middle of 2007.; K! o! D: |. z* I- n
- Saskatchewan: Market activity has cooled considerably from the; _% n( m1 Y' B/ p
frenzied pace from 2006 to early 2008 and prices have begun to
) }1 S$ \* J/ Z: j5 \. ^ decline. Nonetheless, economic and demographic fundamentals are still
, O* w5 l+ r% K largely supportive of the housing market and overshadow extremely% Q0 H Z/ O- Q" g
poor affordability levels.
4 S) n/ [( v3 u# }/ ?. ^/ J - Manitoba: Manitoba's housing markets have fared much better than the
; H. a: e8 ]5 e. Z vast majority in Canada: resale activity has slowed moderately and* G, f0 r3 Q4 c3 B' x" f8 ?
prices have either held their own or edged down just slightly.# K" F, i9 T1 X) X% Y
Affordability has been kept out of the danger zone, helping to9 a8 g1 y; y! M- j) Z
minimize any downside risks.4 a. i0 I8 q1 e, \7 R! V/ R- A# u
- Ontario: With the recession pounding many communities, housing market T! q. z3 k. X1 M& r1 b
conditions have deteriorated considerably. However, the impact is
; H0 b7 T% ~/ C! g* G/ b unlikely to develop into an all-out rout similar to that of the early% [9 O8 }' x. T6 Z5 @2 |% j$ y% f
1990s. Affordability, while still causing some stress, is quickly
' c( J$ z8 I0 f3 y8 I0 W7 n being restored to levels closer to long-term averages.3 `1 ~0 o$ w, T# k$ P0 Q
- Quebec: The province's housing markets have been among the last in; Q8 y/ S) |; Y0 o/ h0 Y
Canada to yield to the weakening trend. The main sign of cooling thus
' [1 V7 E2 T2 _& z& i K+ F' K far has been a drop in resale activity, as prices have held up, e- K: V7 Q' E5 O) x# k% l
reasonably well. Some of the persisting market strength can be
- Y* R0 D o. h0 J ascribed to sensible affordability levels, which had eroded only
$ |* W7 Y& }; s7 q3 y( e modestly in recent years.
! x5 c* |4 O8 s - Atlantic region: Markets have largely remained stable against the+ q) f+ U& L5 r" T. |& W
general housing downturn, with St. John's becoming the housing hot( R4 `( C4 I" }2 f2 b
spot in Canada and Halifax and Saint John maintaining steady upward
^- W* h) v. R price momentum. The region is benefiting from improving affordability5 M5 N4 B( X' l0 u
following two years of deterioration.
, M" | h- ~8 i; B8 B4 Y( X1 Y M >> |
|
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
