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6 z+ m# P- G( HZT: Cost of home ownership continues to rise: RBC
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Canadian Press6 ~* y, j( k& q5 ]$ p1 b5 Q# O, o
* R" ?, l) b1 r* pWednesday, September 12, 20073 @ A+ w* g, j8 A) l7 d" r' `* Q; _
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TORONTO — The cost of owning a home in Canada continued to climb in the second quarter as affordability in Western Canada showed the biggest change, according to a new report by the Royal Bank.4 k- ]& Y- i5 L; W- M& m5 F, R
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Saskatchewan suffered its worst ever quarterly deterioration of affordability on record, according to the bank, as an influx of people caught the housing supply off guard.
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“In the second quarter, Canada's housing affordability experienced one of the largest and most broadly based quarterly deteriorations since the mid-1990s,” said Derek Holt, assistant chief economist, RBC.
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, p. e% J5 X/ @3 A" L7 p4 u% }: [“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”
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2 A& V# o; \1 ?0 b$ |; _) b' [The report measures the proportion of pre-tax household income needed to service the costs of owning a home. The higher the reading, the more costly it is to afford a home4 s0 F1 F1 _" P6 ^; g# p
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The bank said a standard condo was the most affordable, requiring about 29 per cent of income compared with 27.5 per cent in the first quarter.
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A standard townhouse was next at 33 per cent, up from 31.5 per cent in the first quarter followed by a detached bungalow which increased from 39 per cent to 41 per cent in the second quarter./ T6 D& y' c" X* r
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A standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.
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Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.
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Affordability fell about 20 per cent in Saskatchewan with no signs that prices were letting up yet, but the bank said the high prices were starting to weigh on demand.- Z8 R( X" e6 x& ^+ U7 e( ~
+ E2 d* v+ i% m* ]Among Canada's largest cities, a detached bungalow in Vancouver was the most expensive with the proportion of pre-tax household income needed to own a home coming in at 71 per cent. Toronto and Calgary followed at 45 per cent, Montreal at 36 per cent and Ottawa at 31 per cent.+ L" B9 x' f; r; }0 |% c- y2 x
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“Market conditions in Vancouver have loosened up during the year, but conditions remain tilted in favour of a seller's market and are still supportive of fairly strong price gains,” the report said. |
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发表于 2007-9-12 08:55
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