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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.
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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.+ |* Z. J% j% K$ R
8 [ Y6 v5 T/ i+ J9 Z' h, zPrior 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 $320,000 home.
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$ v O) O- {' ?5 r) ^* C7 @" {5 HFirst-time buyers, single-income earners take biggest hit with new mortgage rules$ _( E# }' X: N+ a2 i/ Q
CMHC to issue 1st 'red' warning on Canadian housing market
* o; a( C; \, ?# cMortgage 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.; n8 b7 A- ? |! U1 L6 d1 E' G9 i
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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.# D1 N! z3 m1 O1 E
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Wait and see what happens4 L8 y5 ^8 ` x% s, \: S4 D% ^! u. q
, p+ @/ ?8 B" T T0 KNatalie 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.6 T9 L' o: n9 I& A5 F
* T! |; r" q7 R"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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8 J0 K- I# l+ W, z8 k8 _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.
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1 D( q2 w1 G1 N"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.5 H/ H4 v2 \4 p
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Kinch 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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