 鲜花( 0)  鸡蛋( 0)
|
British Columbia's housing affordability notably improved but still has far to go, says RBC ; w Y$ _: t x, `- v
TORONTO, April 16 /CNW/ - British Columbia's housing markets are in the% Y: R0 Y" W1 A. `
middle of a significant correction that is partly reversing the extensive6 K: [, e# m, J% O
gains of recent years and which is helping restore affordability conditions,% ?( n* h a& Q: Z
according to the latest housing report released today by RBC Economics.
9 S; h: [5 m1 g. C4 h+ S4 B' L ? "The province's housing markets remain under heavy downward pressure,"
3 P/ Y; `( O9 R# \said Robert Hogue, senior economist, RBC. "While housing affordability is
' M z9 b% z/ K. c7 b! J" A/ Pimproving as the correction process runs its course. RBC's affordability
& z$ i5 B$ `3 R4 j2 ymeasures for the province are still at levels far off historical averages."
F1 r( ]) h. k; } RBC notes that the sharp rise in unemployment since last summer is: E5 H/ T' Z+ l4 ^9 b! F5 o
worrying households in the province and weighing down demand for housing,
8 J- G! }+ T6 w7 C- o3 Q, Kwhich runs well short of available supply. Such weak market conditions have
. \" x6 Y; a+ `3 Fsustained the declining trend in prices for both existing and new homes.3 z9 v; x; P2 [# e- U
The RBC Affordability measure for British Columbia, which captures the
0 @& k4 ]+ M: X/ J E+ H i& \proportion of pre-tax household income needed to service the costs of owning a
- `& d; V* `, ~home, improved across all housing segments in the last quarter of 2008.) d4 v& ?! r3 ^8 F
Affordability of detached bungalows in the province moved to 66 per cent, the, L" M1 l D9 U" g" G% a
standard townhouse to 52.5 per cent, the standard condo to 36.7 per cent, and: m. \" ?( P$ f+ x+ S
the standard two-story home to 73.7 per cent.
* ~2 `$ O$ ]. Z$ m According to the report, there are signs that the B.C. housing markets* {& L# n. X# s7 q
may be stabilizing as sales of existing homes appear to have bottomed out in8 U* Y- v$ e; k$ ^6 D; {; ?
the closing months of 2008 and the first two in 2009 - although at
% G( @/ ?' }/ S2 |/ A% Phistorically depressed levels.
! @; F7 C0 }) ]7 i6 ` Despite sharply declining house prices and lower mortgage rates, the cost
\9 \7 m- ]2 T# I( P( Kof homeownership in Vancouver is still the highest in the country. House4 j6 |: u* |. a* W& [
prices continue to rapidly decline and pricing power remains firmly in the! r4 I$ C4 }* f& ^- l5 P u
hands of buyers with the sales-to-new listings ratio at historical lows. "This
2 y1 o, j+ F" Y" T3 [; eenormous imbalance suggests that prices will likely further correct in the
. O( |9 c2 o) ]- \months ahead," added Hogue.
1 v& f% B; R0 K9 R& w d RBC's Affordability measure for a detached bungalow for Canada's largest
4 ]' I( D/ T8 E0 U% w+ mcities is as follows: Vancouver 70.3 per cent, Toronto 51.3 per cent, Calgary
; _& t0 ^% [# Y) J% f1 I42.7 per cent, Ottawa 42.7 and Montreal 39.4 per cent.
7 Y* \# _2 @4 K3 B" i0 y: F The report also looked at mortgage carrying costs relative to incomes for1 h0 K5 @ M% }6 Z% K
a broader sampling of cities across the country, including Victoria. For these b, o9 L! ]0 J6 X, m
cities, RBC has used a narrower measure of housing affordability that only
; m- p5 c5 C# jtakes mortgage payments relative to income into account.
0 b% J5 ?4 _4 d/ j6 _ The Housing Affordability measure, which RBC has compiled since 1985, is; p/ D! u. t) p: s( I1 h
based on the costs of owning a detached bungalow, a reasonable property
% @2 A, J6 K& F% K( O- _benchmark for the housing market. Alternative housing types are also presented
$ C- _- o( Y* ~: ^' \7 f9 dincluding a standard two-storey home, a standard townhouse and a standard7 W. v5 u- p( f$ f1 i0 D8 _3 {
condominium. The higher the reading, the more costly it is to afford a home. x; q) z! R! P0 F( V5 c
For example, an Affordability reading of 50 per cent means that homeownership( e! K/ \0 v) f- g6 h& E
costs, including mortgage payments, utilities and property taxes, take up 505 {8 B X& [* s) v& w/ H" @- ^: q
per cent of a typical household's monthly pre-tax income.5 W. K/ F' W# b9 T5 p- e9 z
! B8 [: V9 ?9 f% ~ <<
0 f5 N+ M# c9 ^. p) A& e6 I" E8 b Highlights from across Canada:
9 A# U( u& a4 s/ q" l, ` A- s" y: ]. M' g' c7 L# v5 j2 n1 c* w8 c
- Alberta: Since last fall, the declining Alberta economy has
* k9 p, i, f2 V' C intensified the downdraft on the province's housing markets, causing' g- b( {+ ]+ M$ W4 t
home resales to drop to a 12-year low at the end of 2008 and rebound
" e h4 a7 Z9 H only modestly since. Affordability has been on an improving track
4 g1 p5 p+ D. j; F' N" n. ] since about the middle of 2007.6 C" y% K$ j/ i4 J
- Saskatchewan: Market activity has cooled considerably from the( V3 Q* b% U5 k; ^% D
frenzied pace from 2006 to early 2008 and prices have begun to3 j$ U9 g# v; m* C
decline. Nonetheless, economic and demographic fundamentals are still8 h7 @! i- F! Z; q
largely supportive of the housing market and overshadow extremely
5 N- I) A/ [" J$ K poor affordability levels.
% P" B2 B* O- F [0 w. q. ^ - Manitoba: Manitoba's housing markets have fared much better than the
) J: ~* J# |( P& m. p+ G vast majority in Canada: resale activity has slowed moderately and
6 q$ {4 V' Q' _% S( H2 C% }! { prices have either held their own or edged down just slightly.
- ?( ^- k6 C/ D' _( Y* b Affordability has been kept out of the danger zone, helping to3 Z) y" v- b+ H% D$ {% f6 [5 w
minimize any downside risks.
: H! ~( ~' l$ V+ K3 N - Ontario: With the recession pounding many communities, housing market
; g2 ?( s5 _% E/ X+ Y3 ^$ P8 W9 [ conditions have deteriorated considerably. However, the impact is
; |* x4 o6 ?/ ?$ {" J unlikely to develop into an all-out rout similar to that of the early
) r; C O3 s8 [0 F8 L 1990s. Affordability, while still causing some stress, is quickly
% ?9 |. S8 r: d: z being restored to levels closer to long-term averages.7 w8 S$ j3 ?6 M
- Quebec: The province's housing markets have been among the last in
* C6 S, A0 v: e( I0 {* w, s Canada to yield to the weakening trend. The main sign of cooling thus
) z9 q4 L. z/ f6 f$ p8 ? far has been a drop in resale activity, as prices have held up( l# p0 q A" D+ T( f
reasonably well. Some of the persisting market strength can be
3 D, o+ B' k% w0 @! G ascribed to sensible affordability levels, which had eroded only
" { c, M7 h& O6 ~ modestly in recent years.; J7 ~! P" b& U1 F; B
- Atlantic region: Markets have largely remained stable against the4 h( ]3 E2 w/ Q0 ], _! s& z( h& l& f/ I
general housing downturn, with St. John's becoming the housing hot
! ^6 s! x8 r0 Z4 D' ^9 E2 B& o spot in Canada and Halifax and Saint John maintaining steady upward
0 K4 y6 t) W4 j( _% Z7 Z price momentum. The region is benefiting from improving affordability
K: o% s2 x* h$ @6 U1 y9 W% t/ N8 y following two years of deterioration.: y8 m2 n- ^& Z+ Y
>> |
|
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
