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ZT: Cost of home ownership continues to rise: RBC" P$ p9 m1 H; E, m W% W
' _2 N1 s" x2 ?% wCanadian Press1 c4 @& Y9 H/ S6 i
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Wednesday, September 12, 2007
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6 `/ B9 ], `; m- J0 k% ^5 c$ \, oTORONTO — 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.
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* A; a2 R; |( _8 G# G1 y5 [" YSaskatchewan 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.9 O( G+ \" `" X' |, K, h: r
& |4 Z' l6 Q; v6 H: ]/ [: D) r“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.2 G9 f. W* c# D, E& ~$ [! ]- ~* e
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“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”
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+ ^' c1 p* ]7 [4 F/ mThe 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 home
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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./ S+ c* |# [! T, x
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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.- Z ~/ A0 F# R/ Y8 W
4 h Q: H' p4 Q& ]( O& K! e TA 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.$ O, `+ f; X# v, A7 R) }) n& T
+ ]4 P* N+ P: W* a) pAffordability 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.! C l8 _$ h# W1 E; x
. t) x+ ^$ _0 q5 q6 ]6 UAmong 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.' J" J. g$ Q2 |1 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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