 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
7 m9 h$ L/ Z. ? TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
1 E5 n0 E6 B i, c4 vmiddle of a significant correction that is partly reversing the extensive
$ c" r E5 v+ H+ u9 V4 V- ngains of recent years and which is helping restore affordability conditions,6 V" Z; ~, l7 J s4 b7 N9 u0 C, x
according to the latest housing report released today by RBC Economics.; |' P/ `, l+ `" t+ J9 r
"The province's housing markets remain under heavy downward pressure,"
$ q5 o' q9 n/ X3 |, i5 G: `said Robert Hogue, senior economist, RBC. "While housing affordability is& K/ K/ O. p. \# j" S
improving as the correction process runs its course. RBC's affordability. _, l V# g( D$ o2 ]
measures for the province are still at levels far off historical averages."" f6 _7 g$ ?) r3 j- L4 `* z: b
RBC notes that the sharp rise in unemployment since last summer is
' F0 p1 c) k/ z0 `( L$ ~worrying households in the province and weighing down demand for housing,
( m' L" o6 K6 {. h# J1 ]which runs well short of available supply. Such weak market conditions have
: w8 _$ v& J$ G; g- T6 h, xsustained the declining trend in prices for both existing and new homes.
$ s' ?/ Q4 y1 _; X, i% }( R The RBC Affordability measure for British Columbia, which captures the$ h9 ^' a5 `5 K8 O
proportion of pre-tax household income needed to service the costs of owning a
2 _8 U1 w L8 D; _5 x* thome, improved across all housing segments in the last quarter of 2008.9 S1 f, t: G c+ s9 y
Affordability of detached bungalows in the province moved to 66 per cent, the- v, w* `# P0 V4 i) S: a4 A
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and$ ~9 I3 ?) B3 Z+ m* o
the standard two-story home to 73.7 per cent.
% E6 Q2 H. a) I( n( i According to the report, there are signs that the B.C. housing markets
6 y1 y# h) D5 n2 k! i; J/ S3 Lmay be stabilizing as sales of existing homes appear to have bottomed out in+ F2 ?& l4 M2 N/ h
the closing months of 2008 and the first two in 2009 - although at$ |; w" R8 [0 S# [4 ?1 {. _4 x5 ~+ j
historically depressed levels.
2 h( p9 w- |5 q, L Despite sharply declining house prices and lower mortgage rates, the cost0 M* t9 I) D9 v/ x3 O; C
of homeownership in Vancouver is still the highest in the country. House5 _4 N- B5 F5 I" q& ^4 E4 ]
prices continue to rapidly decline and pricing power remains firmly in the
( Q( Y+ B! J$ g# ]hands of buyers with the sales-to-new listings ratio at historical lows. "This
6 A6 f( p+ O4 m* g1 J. N% R- @* D! renormous imbalance suggests that prices will likely further correct in the0 k4 V4 _+ ~$ ~, D
months ahead," added Hogue.
1 R" ]2 d/ m# ~1 `) Z& ]" E RBC's Affordability measure for a detached bungalow for Canada's largest% ` s5 b1 ^2 z7 D+ [& L
cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary1 g1 @* K4 X- a& G* W
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.# ]2 s* F2 _, }. }. e9 v6 h
The report also looked at mortgage carrying costs relative to incomes for7 Y. @0 b( Y5 \, N: N. P
a broader sampling of cities across the country, including Victoria. For these" h5 j; _! ?4 `" D/ N) g
cities, RBC has used a narrower measure of housing affordability that only
* K1 Z+ f6 J2 Z- Q. mtakes mortgage payments relative to income into account.& V; W6 [9 f: V* c; G. i
The Housing Affordability measure, which RBC has compiled since 1985, is
7 h S. F! }/ J6 tbased on the costs of owning a detached bungalow, a reasonable property
) \8 `! v8 g2 J+ e U6 f6 bbenchmark for the housing market. Alternative housing types are also presented1 c7 N* x* }3 h# B
including a standard two-storey home, a standard townhouse and a standard: b" X, n+ H* b: @4 a3 }
condominium. The higher the reading, the more costly it is to afford a home.0 R& z- K0 J: Y- Y- I: B7 B
For example, an Affordability reading of 50 per cent means that homeownership
5 r+ ^7 B- K1 L4 a5 i) xcosts, including mortgage payments, utilities and property taxes, take up 50
Z; D' g" m x- t' n% D9 Rper cent of a typical household's monthly pre-tax income.
1 b) O/ C" @: H* E) [. G/ k( C; k/ H! e& k8 H
<<
) m5 x7 \7 \, M$ J$ ]3 z Highlights from across Canada:- Y% }% ^+ X( j% w. R
) J1 A, x$ S' w/ J - Alberta: Since last fall, the declining Alberta economy has; \, ]; `& @0 D6 _5 T
intensified the downdraft on the province's housing markets, causing
, j& v4 y9 V1 ]+ R home resales to drop to a 12-year low at the end of 2008 and rebound6 b* D( |# _: e% }
only modestly since. Affordability has been on an improving track
7 X) _1 L# u- a since about the middle of 2007./ `$ h- M- \* t0 p$ [8 G9 Q* ]
- Saskatchewan: Market activity has cooled considerably from the
2 i. i" \ q g% i `& h9 ~) |4 W7 ~ frenzied pace from 2006 to early 2008 and prices have begun to4 t0 r E: v* P6 B7 J5 V: }& C
decline. Nonetheless, economic and demographic fundamentals are still/ ]6 j0 Y; \, m% I. X$ P3 I/ ?
largely supportive of the housing market and overshadow extremely m2 G' ?6 M! K. O- m, b
poor affordability levels.% J& }5 k0 i! {
- Manitoba: Manitoba's housing markets have fared much better than the2 X! g& A0 T- H
vast majority in Canada: resale activity has slowed moderately and
/ v, ]7 U. G' [4 L$ E: g prices have either held their own or edged down just slightly.
: c4 @$ d0 V: X4 { J Affordability has been kept out of the danger zone, helping to) }# q- m6 O8 q
minimize any downside risks./ ]9 h0 U1 M/ o+ R, F. q
- Ontario: With the recession pounding many communities, housing market) y, N4 k% _# a4 H* Q
conditions have deteriorated considerably. However, the impact is
6 G5 ]2 x- f% {# Z8 _: d unlikely to develop into an all-out rout similar to that of the early
$ m2 d5 l/ k& T 1990s. Affordability, while still causing some stress, is quickly* N. \% K+ x7 T5 j6 M/ z* v
being restored to levels closer to long-term averages.
$ ?# Y1 M" _. A9 q# @- y, l% Q - Quebec: The province's housing markets have been among the last in: L Z8 V! u q' |
Canada to yield to the weakening trend. The main sign of cooling thus8 R+ ]3 C( v% D* y
far has been a drop in resale activity, as prices have held up' D9 a. B/ f' D
reasonably well. Some of the persisting market strength can be+ r% d* t( h$ u8 a
ascribed to sensible affordability levels, which had eroded only, q, W% ~3 F/ ?, p) W4 V
modestly in recent years.
. o! @5 x2 M+ V& J - Atlantic region: Markets have largely remained stable against the, Q* d: L: b, m
general housing downturn, with St. John's becoming the housing hot5 }3 }6 y# |8 N" M& B5 y2 V
spot in Canada and Halifax and Saint John maintaining steady upward4 w8 s, I- h- h* Q- n
price momentum. The region is benefiting from improving affordability) c8 i+ f5 Q6 [6 \
following two years of deterioration.' Q0 U( V0 d: O' d6 _- `
>> |
|
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
