…looking a lot like Christmas ›› inside
December 3, 2009
Cost of home ownership on the rise: RBC The cost of home ownership in Canada became more expensive for the first time since the spring of 2008 across all housing segments, according to the latest RBC Economics report. “Home affordability deteriorated in all provinces and major markets in Canada due to a slight rise in key mortgage rates and appreciation in property values,” says RBC senior economist Robert Hogue. “Despite this increase in home ownership costs, affordability measures have still shown improvement from a year ago.” The RBC Housing Affordability measure captures the proportion of pre-tax household income needed to service the costs of owning a home. During the third “Despite quarter of 2009, that measure rose at the this increase national level for all in home housing types (the ownership higher the measure, the more expensive it costs, is to afford a home). affordability The report found measures have that demand in the housing market has still shown outgrown supply improvement since the rebound started last winter, from a year leading to a much ago.” more competitive market and widespread increases in home value across many parts of the country. In B.C., home ownership costs rose during the third quarter, following five consecutive declines, according to the report. Vancouver continues to be the most expensive place to buy a house, with a detached bungalow taking up an average of 66.8 per cent of pre-tax income. Ontario is second, at 48.6 per cent, followed by Ottawa’s 39.2 per cent. “The housing market still faces obstacles, as mortgages have become more difficult to handle for many Canadians amid challenging labour conditions. This is likely to persist until the economic recovery is well established and job creation is sustained next year,” says Hogue. www.rbc.com/economics
Come home for the holidays Making your digs festive, fun and welcoming can be easy TRICIA LESLIE Twinkling lights glitter brightly from their vantage points amid garlands, wreaths, ribbons and figurines. Candles are lit to enhance the seasonal displays that catch your eye throughout the home, from windowsills and fireplace mantles to the chandelier over the dining room table. Your favourite Christmas carols play softly in the background, and the smells coming from the kitchen indicate there’s some seasonal baking on the way – likely a hot batch of shortbread cookies, fresh out of the oven.
Donni Saunders (left) and Brenda Wilkes create warm and welcoming homes for the holidays, like this Maple Ridge house. It’s the first Christmas for the owners at this residence and they wanted to make it special. Rob Newell photo
Your chandelier can become a decorative display for the season’s festivities. Rob Newell photo
It’s beginning to look at lot like Christmas throughout Metro Vancouver, and as the big day nears, many homeowners are getting ready for the holiday season by ‘dressing up’ their homes for the holidays.
Homebuyers who have just purchased a new home may find they have more – or less – space with which to bring the holidays inside. Perhaps the colours of the traditional decorations don’t match the new house, or maybe only some will work. That’s where Brenda Wilkes and Donni Saunders like to lend a helping hand. The two local women are longtime friends who have histories in retail and interior design, and during the holidays, they pair up to make homes look their best and brightest for the festive season. “Each home invites a different look, but it’s really about the homeowner and who they are, and making this feel like their home,” says Wilkes. SEE NEXT PAGE