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British Columbia's housing affordability notably improved but still has far to go, says RBC ; {' C3 k* M# A% q9 f9 n) I# [
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
% p3 a( }8 ~2 Y/ I/ cmiddle of a significant correction that is partly reversing the extensive
( V7 [3 }- Z4 ~; A* q3 n# H3 Wgains of recent years and which is helping restore affordability conditions,
6 ` I1 K1 g# _1 y1 Yaccording to the latest housing report released today by RBC Economics.- l' N& o5 j+ h; U
"The province's housing markets remain under heavy downward pressure,"
% Z0 [& C9 e; o4 Ksaid Robert Hogue, senior economist, RBC. "While housing affordability is
4 W- D) {6 n- b C$ m3 H2 wimproving as the correction process runs its course. RBC's affordability- j4 p A: k* x8 @6 q
measures for the province are still at levels far off historical averages."
; x4 [, N/ K2 X4 x RBC notes that the sharp rise in unemployment since last summer is
" P5 P, h- s2 m5 f- Oworrying households in the province and weighing down demand for housing,
6 } g3 o& P" @; h8 S2 Vwhich runs well short of available supply. Such weak market conditions have! w: O8 \6 Y+ y
sustained the declining trend in prices for both existing and new homes.$ I: G) A3 ?5 Z
The RBC Affordability measure for British Columbia, which captures the
1 x8 T. D2 y3 a! [& | Wproportion of pre-tax household income needed to service the costs of owning a* [9 \ m! X1 u: T* v: N# N
home, improved across all housing segments in the last quarter of 2008.2 `; ]+ H( i6 t5 o0 o
Affordability of detached bungalows in the province moved to 66 per cent, the) }2 W7 w& |8 ^9 g6 C z
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and- A( p5 E& E. H6 L
the standard two-story home to 73.7 per cent.7 m# s! u4 s6 t! ^% i
According to the report, there are signs that the B.C. housing markets
5 G2 _8 }7 Z" s, r. Imay be stabilizing as sales of existing homes appear to have bottomed out in5 f7 r# G3 |* u" M
the closing months of 2008 and the first two in 2009 - although at- q7 Y) K, M/ H' J" a; ?
historically depressed levels.
# U; K: ^& a$ u Despite sharply declining house prices and lower mortgage rates, the cost
& R* |5 F" @. F6 @of homeownership in Vancouver is still the highest in the country. House C( V1 e7 u0 {$ z
prices continue to rapidly decline and pricing power remains firmly in the
" E. `3 e1 ~% b' v1 `4 Phands of buyers with the sales-to-new listings ratio at historical lows. "This1 L1 V% z" D) ]5 _& o& d
enormous imbalance suggests that prices will likely further correct in the
+ i: g# j/ `+ p& w) z# q$ P$ Amonths ahead," added Hogue.
* j9 b; C. n, ]5 `& m: |8 o+ l+ ]6 ? RBC's Affordability measure for a detached bungalow for Canada's largest
' d h- W5 b; b% f" P3 E0 ^cities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary, I4 c+ k; t' e( o
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.0 c0 J) H3 R, n5 s+ d
The report also looked at mortgage carrying costs relative to incomes for) x' A4 @3 p9 a6 c
a broader sampling of cities across the country, including Victoria. For these
$ w, D' i- |0 | hcities, RBC has used a narrower measure of housing affordability that only
8 G- `2 b+ C/ B; k F* \/ S" rtakes mortgage payments relative to income into account.% l- D! Q* ?! I- d/ P# D
The Housing Affordability measure, which RBC has compiled since 1985, is
1 i) w& f( t) h$ @based on the costs of owning a detached bungalow, a reasonable property& o- t3 a. F6 c) Y1 u
benchmark for the housing market. Alternative housing types are also presented
9 ~6 N9 P5 c! j X% }/ T% ^; ?5 b* K1 W5 ~including a standard two-storey home, a standard townhouse and a standard
* ]3 B2 [1 ]+ c. h7 Fcondominium. The higher the reading, the more costly it is to afford a home.) E. D6 U/ i3 e% j7 ^1 {
For example, an Affordability reading of 50 per cent means that homeownership
& R. [8 h' g1 }: c. R% Scosts, including mortgage payments, utilities and property taxes, take up 50
1 P: G3 y- y$ j0 Dper cent of a typical household's monthly pre-tax income.: g! \: E3 E- |! v; r3 S
9 {4 |$ O6 x9 d k' U4 m* G( F0 I
<<
) l9 ^; b d" I/ a$ ]5 h$ m' @; k0 X y Highlights from across Canada:
. [3 E Q) O& O L; Z: ~
3 G4 F+ S- V5 J - Alberta: Since last fall, the declining Alberta economy has
8 t u: q4 q/ ? intensified the downdraft on the province's housing markets, causing E* {: ?: |5 `/ o4 i' A
home resales to drop to a 12-year low at the end of 2008 and rebound
2 r4 y# k9 _* m1 m1 ` only modestly since. Affordability has been on an improving track/ l8 i" v" M% D$ A4 S: B6 A
since about the middle of 2007.
: f$ v U a9 j6 Y# h( d - Saskatchewan: Market activity has cooled considerably from the# A4 j% i. s! k8 T, h; u' \: Z4 Q
frenzied pace from 2006 to early 2008 and prices have begun to
* R: W3 d! Y. d+ l5 i decline. Nonetheless, economic and demographic fundamentals are still- u# }+ o2 I; B7 N0 Z( g8 W& I
largely supportive of the housing market and overshadow extremely4 ?: M& W7 L8 d, ?7 v, a8 } t
poor affordability levels.0 g3 r8 h. A$ o4 {
- Manitoba: Manitoba's housing markets have fared much better than the
- {+ x) k, s/ J& v4 ~1 c vast majority in Canada: resale activity has slowed moderately and
1 j ?5 T5 h# T prices have either held their own or edged down just slightly.! x- ~4 [3 E. H8 y- k6 k
Affordability has been kept out of the danger zone, helping to
2 E1 w# B; a! D0 b; U6 ^7 c; a minimize any downside risks.) n/ s3 H% p6 ]2 Y' B' T% |
- Ontario: With the recession pounding many communities, housing market
% d$ r5 C+ R% r+ b; ` conditions have deteriorated considerably. However, the impact is
0 E" k1 F1 g) C unlikely to develop into an all-out rout similar to that of the early: j$ R& V( T# Z9 }: @9 Q
1990s. Affordability, while still causing some stress, is quickly
# V' j6 v: G) H. C2 r* V( a being restored to levels closer to long-term averages.
3 e! k2 H% @, W: c6 G# j - Quebec: The province's housing markets have been among the last in
( w c, U+ E7 H* ` Canada to yield to the weakening trend. The main sign of cooling thus4 N- |, Z* E v+ v- W# P$ A6 X% |* S
far has been a drop in resale activity, as prices have held up- C7 {4 l- |' P$ G7 ~
reasonably well. Some of the persisting market strength can be+ C4 [; ~, n& p" T3 U6 {7 v% B
ascribed to sensible affordability levels, which had eroded only# A" E* A6 R4 L$ g% X3 n2 C0 z
modestly in recent years.+ X9 g* E [* R) G0 K9 R {
- Atlantic region: Markets have largely remained stable against the: P* l1 a+ B4 [+ {% Z
general housing downturn, with St. John's becoming the housing hot- G: C7 Z& L7 Q1 k, C8 ]# h5 n
spot in Canada and Halifax and Saint John maintaining steady upward3 I1 v a- L9 E( b7 X0 u! {" F t
price momentum. The region is benefiting from improving affordability
/ E7 U) u7 w& z following two years of deterioration.
, X! S- e. N2 @' X; B; `5 `( C& Y >> |
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