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ZT: Cost of home ownership continues to rise: RBC _) z0 s2 |9 n
0 u+ w$ q& y" X: dCanadian Press% w; C& u% {6 |% P7 T$ t
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Wednesday, September 12, 2007" L5 ^/ `; ?" Q& f) a. { W
8 c2 _& _5 c$ Q/ w, }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.7 H& s; I% S" }; C% x
; L7 g3 i3 |3 `9 p. @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.5 O# ^; i& z+ S- d1 O. M5 T
; X$ G' s8 U3 F Z% E; F“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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3 u& i/ P8 v3 ~: v; S“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”% q/ j- r4 K8 x! D1 h( g! B
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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/ K' i2 z2 f+ V, E) G3 L
0 \4 b. y9 N* O; I, a ZThe 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.
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% C: l" R/ l4 b @& m0 T3 mA 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.
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* N: P7 D# |$ W/ I3 H. z9 C WA standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year.) |" f8 R) _* r8 u" p
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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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Among 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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0 U, {' J" F7 P k) m“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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