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ZT: Cost of home ownership continues to rise: RBC Q" H$ n% p0 [/ }# M6 ~ `* n/ w
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Canadian Press% n! E1 i+ g( o% R3 ]
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Wednesday, September 12, 2007* D6 x5 ]* X' S+ @% p( D1 {
* j2 \% Y$ a# R0 `: n P) qTORONTO — 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 P, G: C5 ~" A! u A7 I
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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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6 M9 T* _' E' o$ k6 ^“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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: K6 e; a5 n# {3 U) Y. [% ?" e0 t“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”4 T/ L2 U2 u f2 a9 Z
0 o1 D, I5 B/ OThe 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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! N! n2 D! u. e7 C" s) F hThe 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.% x2 a; I" P9 ]# g
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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." x3 C1 |9 L M0 e" a* x% e
\) {; X% u7 g' |9 R( JA 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.
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* Y4 E7 m$ [% [1 y8 Q! Z/ FAmong 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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