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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." M% d, |0 \; j% }5 \$ K
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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.
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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 $320,000 home.
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' z- `% K, t. [/ A$ NFirst-time buyers, single-income earners take biggest hit with new mortgage rules: ~* {5 |' h: c8 I9 ]# D' ]8 n
CMHC to issue 1st 'red' warning on Canadian housing market
" J7 q1 V* q f7 T! u9 D9 P$ j; }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.$ h+ H% E3 a. V }) M) D6 \- v
* }+ T. \6 A0 M1 k. _2 o# r"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! K: g3 V9 v% b; t* H5 W
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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.% d: i7 ]9 m6 e g u
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"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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9 j: ]' o3 A! ~- P( A: m! |3 SThe 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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9 @) |/ R* B( A$ Q! M"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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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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