 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC
: D$ ?4 H5 f2 {7 H) g5 G, F6 v TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the0 y2 ?8 V) q3 ?& X- y4 I
middle of a significant correction that is partly reversing the extensive
4 b7 K7 t/ L3 K2 j3 c: E6 B. f8 ugains of recent years and which is helping restore affordability conditions,
: Q Y$ c8 d# i/ D; ]& l3 Jaccording to the latest housing report released today by RBC Economics.
" I/ }$ x" Q5 U5 l "The province's housing markets remain under heavy downward pressure,"
" n1 n) E0 D) t1 u% ?2 M7 s, \: Y* Ysaid Robert Hogue, senior economist, RBC. "While housing affordability is2 v* b; k8 Y* `8 [% M
improving as the correction process runs its course. RBC's affordability
) f5 Z9 @0 ?; ^measures for the province are still at levels far off historical averages."# @) T7 _6 W9 H5 i
RBC notes that the sharp rise in unemployment since last summer is d2 L; w% b0 |1 L* B6 Y
worrying households in the province and weighing down demand for housing,( _8 y D/ Y+ W% f* H2 Z
which runs well short of available supply. Such weak market conditions have5 G8 u7 d9 r/ l! u: E2 K. z3 f
sustained the declining trend in prices for both existing and new homes. z J9 J/ D9 X* n; B: c1 e2 v
The RBC Affordability measure for British Columbia, which captures the/ ~# o# ~7 [! J8 h* e
proportion of pre-tax household income needed to service the costs of owning a( C. V: {' M# ~0 x3 U6 n1 f
home, improved across all housing segments in the last quarter of 2008.
0 i" K" ]. A! SAffordability of detached bungalows in the province moved to 66 per cent, the, \! q3 N! a0 z; s- ?2 a' c
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and
7 o" o, j ]2 F( U& w; ^the standard two-story home to 73.7 per cent.6 H( X: X* y! ~' m
According to the report, there are signs that the B.C. housing markets, W' w3 g, ^: ^/ H9 [, W
may be stabilizing as sales of existing homes appear to have bottomed out in
$ \# O2 k" Z' s6 Fthe closing months of 2008 and the first two in 2009 - although at
: ~, C( Q# s5 ohistorically depressed levels.5 p$ N7 g" p5 t8 q
Despite sharply declining house prices and lower mortgage rates, the cost5 z0 E2 I* w% p) x* M5 c
of homeownership in Vancouver is still the highest in the country. House
7 s4 p% c6 M) A, O- ~prices continue to rapidly decline and pricing power remains firmly in the; U. T" S7 W. d. q$ N- d
hands of buyers with the sales-to-new listings ratio at historical lows. "This) L1 W, [$ T- r) Q
enormous imbalance suggests that prices will likely further correct in the
+ Q R& O7 Y6 {/ `; _months ahead," added Hogue.
; Z+ v3 d8 A Q: X6 h6 K RBC's Affordability measure for a detached bungalow for Canada's largest
6 i7 p4 W6 J1 I3 Ncities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary# f3 w; Z6 R# [. a: E: F
42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
- D- X* g& `0 M) S The report also looked at mortgage carrying costs relative to incomes for
8 n: u# C* X2 Qa broader sampling of cities across the country, including Victoria. For these
0 B+ A# o5 y& B; m3 |3 n( r8 Y! a0 e, dcities, RBC has used a narrower measure of housing affordability that only5 g8 o7 G5 h* C* S0 P+ v
takes mortgage payments relative to income into account.$ X. V. [' C& O7 w+ F) Y
The Housing Affordability measure, which RBC has compiled since 1985, is9 A3 `' J# t2 M* L
based on the costs of owning a detached bungalow, a reasonable property
2 q5 G* x2 Q6 Zbenchmark for the housing market. Alternative housing types are also presented0 V% s; U2 p" Q# ?
including a standard two-storey home, a standard townhouse and a standard
# X H6 `1 V. M+ L0 \condominium. The higher the reading, the more costly it is to afford a home.
0 `2 O1 p- v/ pFor example, an Affordability reading of 50 per cent means that homeownership- o2 _( E6 {5 D' X# N0 n
costs, including mortgage payments, utilities and property taxes, take up 50) J8 G+ M! a0 o+ r2 F
per cent of a typical household's monthly pre-tax income.
& v7 _* O" a: F7 x9 R3 L; d& K0 n8 H
<<
' p, L. h' G( U Highlights from across Canada:9 l8 X+ O( o8 W% c
8 b! E4 o+ R$ w" y8 S5 H - Alberta: Since last fall, the declining Alberta economy has8 o$ H4 p( w) _7 A3 z
intensified the downdraft on the province's housing markets, causing, s. T6 G+ T+ l4 B$ q0 C( R8 |
home resales to drop to a 12-year low at the end of 2008 and rebound7 |: V7 \8 \" `: p2 p7 G4 `, K
only modestly since. Affordability has been on an improving track
2 i- M- X. M' b5 s since about the middle of 2007.
' v0 }$ p( B1 k7 [3 F! a, V - Saskatchewan: Market activity has cooled considerably from the# x+ H; G7 ]) u# @" A ?: X
frenzied pace from 2006 to early 2008 and prices have begun to
9 o( c* v5 y3 A b R decline. Nonetheless, economic and demographic fundamentals are still$ m+ H4 E# l% e: H+ s7 t# }
largely supportive of the housing market and overshadow extremely4 f9 j8 X' C( G
poor affordability levels.2 G+ z- R! m' f _2 H7 |
- Manitoba: Manitoba's housing markets have fared much better than the# H: v) _2 A! I2 `
vast majority in Canada: resale activity has slowed moderately and
1 l0 u- j4 i. U1 ?) x& { prices have either held their own or edged down just slightly.
E. n: ?3 P/ ]; F( z9 @ Affordability has been kept out of the danger zone, helping to
5 p- W* `8 a! ]/ h+ A, y minimize any downside risks.
# l2 Y# H) ^- y! s ~: x7 g2 T - Ontario: With the recession pounding many communities, housing market( _3 ~5 G/ ?+ N/ N) A
conditions have deteriorated considerably. However, the impact is1 P2 ]8 s2 {% G3 i) N$ j4 W% x
unlikely to develop into an all-out rout similar to that of the early' J1 M! h+ i" J( l
1990s. Affordability, while still causing some stress, is quickly) P9 F/ w) A: j4 o
being restored to levels closer to long-term averages.' A. x) k3 ]( U% H" K
- Quebec: The province's housing markets have been among the last in$ s" U2 i9 \ E4 X
Canada to yield to the weakening trend. The main sign of cooling thus; t4 n( Q( O' a7 z3 [
far has been a drop in resale activity, as prices have held up
! a/ C# Q e- G. D* ?; @3 y: b8 j$ S reasonably well. Some of the persisting market strength can be8 ~, _& l# A: L9 x# c8 j; y4 ^# o
ascribed to sensible affordability levels, which had eroded only9 N1 ^% P: V3 x
modestly in recent years.
9 n$ O C6 g+ m' ?! M- y% I2 `! i/ @ - Atlantic region: Markets have largely remained stable against the/ V2 I1 N. B% x
general housing downturn, with St. John's becoming the housing hot7 _ z e. X2 d1 y' E+ u- w
spot in Canada and Halifax and Saint John maintaining steady upward
/ Y0 g/ a4 [* |* r! A' L, k8 C$ N4 Y+ ^ price momentum. The region is benefiting from improving affordability
2 i% s9 q1 P# K following two years of deterioration.
+ V$ `0 ^8 B! }3 e8 l >> |
|
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
