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A real estate expert believes the new mortgage rules that went into effect Monday will hit Alberta's market the hardest.3 u/ c7 X* |, K1 W* Q
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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.0 _, T1 |9 g$ i; f
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Prior to today, an Alberta family with a household income of $80,000 would likely have qualified for a $400,000 home but now they will be approved for a $320,000 home.
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9 ], q9 G+ q6 M5 C7 vFirst-time buyers, single-income earners take biggest hit with new mortgage rules
6 n, q( F" A' _" p' h1 x$ i, wCMHC to issue 1st 'red' warning on Canadian housing market: ]/ m% X* q! i, [+ q( `% M4 M
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.7 Y& H9 [. @0 v5 m
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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, w+ A* e3 m8 G8 P"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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The Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto. T* p/ s, D& c H
$ E, V& f. {6 V3 ~3 G"These factors will be reflected in our forthcoming Housing Market Assessment on Oct. 26. They will cause us to issue our first "red" warning for the Canadian housing market as a whole," CEO Evan Siddall wrote in a Globe and Mail column.
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0 |% `0 [3 J! t6 m; x8 lKinch says for buyers who can't wait, they'll either need to come up with a bigger down payment or lower their expectations about what they can afford. |
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发表于 2016-10-18 09:11
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