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ZT: Cost of home ownership continues to rise: RBC
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Canadian Press, E' `* ^' T5 W+ d5 H+ U" o
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7 ]# k+ a$ L/ v, z# b0 q2 K) u) `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.
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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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: [7 G6 x& I L0 x, l) I/ _6 E7 D4 w“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., Z1 |. G: @0 h
" |4 F- K' n+ ]0 c' X“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”
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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 home, l0 N" y. w0 L+ B3 h
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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.$ N0 R( E7 T3 T" B% _
1 G( m2 L$ Y8 G1 n' [, l& ?7 E) C3 J* l, `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.7 |# o1 L8 v" D) \
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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.0 C; i' m3 W, g* F7 G0 T
- D5 C0 i! X Q+ }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.
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& P7 w- [' m) ~: E/ x7 e$ n6 L NAmong 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.
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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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