 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC 2 |+ ?5 @9 |$ m: l; M
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the
: `4 J/ g4 Q6 ~ Kmiddle of a significant correction that is partly reversing the extensive$ q& z5 v. D7 }9 U0 n6 z' b0 _, H
gains of recent years and which is helping restore affordability conditions,2 e3 D. \3 C, m% E: M
according to the latest housing report released today by RBC Economics.8 k$ p! q( l5 Q& T: `, J9 g
"The province's housing markets remain under heavy downward pressure,"
7 C, ^# i" c: r& ^6 ~said Robert Hogue, senior economist, RBC. "While housing affordability is6 O3 W' n& }1 a% I# C
improving as the correction process runs its course. RBC's affordability
. y( L1 L7 k" v1 M8 e, smeasures for the province are still at levels far off historical averages."
7 f: z' [, d3 m( N' b RBC notes that the sharp rise in unemployment since last summer is
1 L6 @( I, A2 [+ @9 mworrying households in the province and weighing down demand for housing,
- S. Y! P& L" o `2 w r3 Nwhich runs well short of available supply. Such weak market conditions have
6 @0 F7 S: [& f* Msustained the declining trend in prices for both existing and new homes.# {% M% G/ U4 f. ~
The RBC Affordability measure for British Columbia, which captures the
0 A# C! S5 p8 G- s' o, R! h0 H, yproportion of pre-tax household income needed to service the costs of owning a+ z9 @' ~% J' e+ Z) F( X
home, improved across all housing segments in the last quarter of 2008.3 j- m/ |) l7 C8 Q& a% A
Affordability of detached bungalows in the province moved to 66 per cent, the K( ]! i; q* U: a
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
% z: p% c" ]; |# f! o/ Sthe standard two-story home to 73.7 per cent.2 G/ F! f& I5 v7 x/ U, r
According to the report, there are signs that the B.C. housing markets- |" w- G/ m( P v; ~( i6 [
may be stabilizing as sales of existing homes appear to have bottomed out in
% ~' t6 @9 |$ O5 y4 C8 `the closing months of 2008 and the first two in 2009 - although at
+ F7 v0 G0 |: K8 b6 N# xhistorically depressed levels.
& Y+ U; s$ P7 T' c7 z Despite sharply declining house prices and lower mortgage rates, the cost
! A# n7 ]9 i0 v' V, c |* ^2 nof homeownership in Vancouver is still the highest in the country. House& h+ l0 H3 ^, R, K( q
prices continue to rapidly decline and pricing power remains firmly in the* }+ _- X M7 M
hands of buyers with the sales-to-new listings ratio at historical lows. "This% d. A& D9 p! c
enormous imbalance suggests that prices will likely further correct in the! \6 I+ u4 v' r6 ~5 L* s2 g
months ahead," added Hogue.
3 Q6 Z" Y7 [0 {7 p RBC's Affordability measure for a detached bungalow for Canada's largest
. Z2 ~; O; [: F2 {$ Acities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
6 _4 @) u5 a8 T) s/ |0 J. w42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent." o3 {& h8 \/ a& {2 ^9 m
The report also looked at mortgage carrying costs relative to incomes for
" V# ?$ ~+ X, I9 ~1 }' a, _a broader sampling of cities across the country, including Victoria. For these
& M0 V5 `8 ~9 }/ x" D' }$ F; Icities, RBC has used a narrower measure of housing affordability that only+ f0 b- U) V% `) E: x' `+ \0 z
takes mortgage payments relative to income into account.* j* E+ ~' U8 o0 ?: P; i8 X
The Housing Affordability measure, which RBC has compiled since 1985, is
9 d" R9 n' M K9 o3 ~based on the costs of owning a detached bungalow, a reasonable property
% ^7 ^# f7 C% Z, X& Cbenchmark for the housing market. Alternative housing types are also presented
. T3 l6 ]/ q5 |) I6 Hincluding a standard two-storey home, a standard townhouse and a standard
. P7 o8 ^2 G$ ?' w; acondominium. The higher the reading, the more costly it is to afford a home.7 l' A- W# p1 {; W+ C7 | `( E, J
For example, an Affordability reading of 50 per cent means that homeownership
2 X' c- [, X4 Ocosts, including mortgage payments, utilities and property taxes, take up 50
: a- |2 o6 t+ T' ^ d. kper cent of a typical household's monthly pre-tax income.
+ P! `- h/ e6 T5 Y4 C6 B" a* v( A* }
0 @7 @# M [3 a <<
$ i4 Q3 e R, c( p+ ` Highlights from across Canada:2 v O& c3 I9 R0 w0 ]; ^
8 b" Y) J, i! p2 ^6 r5 o7 @
- Alberta: Since last fall, the declining Alberta economy has
; v" C- S7 V7 N# M intensified the downdraft on the province's housing markets, causing
1 |! u# T/ Q& M home resales to drop to a 12-year low at the end of 2008 and rebound
s; e/ c2 |% i5 r only modestly since. Affordability has been on an improving track! ^* j! b' i. a. u n8 w! l5 O
since about the middle of 2007.$ P+ V7 Y3 m* w6 k( m- ~+ {
- Saskatchewan: Market activity has cooled considerably from the% @" e0 m/ L ~1 J" X
frenzied pace from 2006 to early 2008 and prices have begun to
% D8 c9 t0 J, N, j9 Z decline. Nonetheless, economic and demographic fundamentals are still
' i, v& o# C% o H \ largely supportive of the housing market and overshadow extremely
$ u4 E) l- _4 ?+ o1 n poor affordability levels.# r2 \1 Z" {& k: j
- Manitoba: Manitoba's housing markets have fared much better than the
j- i2 Z% K8 B& h5 f+ [1 I1 P vast majority in Canada: resale activity has slowed moderately and: i$ G) p- ~- M- i" m
prices have either held their own or edged down just slightly. |8 n2 t* ]7 G( F* s
Affordability has been kept out of the danger zone, helping to
2 F- e5 _+ v9 |6 M ~1 L6 m1 k W0 z minimize any downside risks.
, p' B, @! J' r2 J' P6 A - Ontario: With the recession pounding many communities, housing market& }+ g w! X5 ]1 ]( A
conditions have deteriorated considerably. However, the impact is
; t% }: l0 I! m unlikely to develop into an all-out rout similar to that of the early( C* G# d6 z# d- u3 j8 Y) a# H
1990s. Affordability, while still causing some stress, is quickly
7 d/ u1 v+ [$ y- u; s/ r being restored to levels closer to long-term averages.
' V6 e; j+ C& O3 _& W: c* R" I - Quebec: The province's housing markets have been among the last in, y0 J' G( ?- }" c9 d+ s
Canada to yield to the weakening trend. The main sign of cooling thus
6 o: s z) B0 C0 Q far has been a drop in resale activity, as prices have held up
; e( Z- G3 o4 S. h, \9 H0 p9 E8 S5 \ reasonably well. Some of the persisting market strength can be
& G) Y: n3 W2 J1 y" U# c: W ascribed to sensible affordability levels, which had eroded only
& r9 X$ d, R( K1 p* m modestly in recent years.
8 q* k% o) M, W4 T) w, z) Y5 ? - Atlantic region: Markets have largely remained stable against the* B* w) a4 W: J+ w9 G' Y/ Y
general housing downturn, with St. John's becoming the housing hot' \+ Y* E( E2 _7 O) O# u) W
spot in Canada and Halifax and Saint John maintaining steady upward! I) { j, {% `+ l# s
price momentum. The region is benefiting from improving affordability4 q8 i" G% K+ y6 F# _, k
following two years of deterioration.
/ U2 U1 o8 N3 h& Q# F1 A, O >> |
|
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
