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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.% p, p! n5 \' ]
D4 Q3 K% N3 {6 [, \The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.& \4 e' |9 Z" C, P
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules; K# J ~& S9 y* {3 S7 T
CMHC to issue 1st 'red' warning on Canadian housing market
4 z4 I3 [. _3 ?6 O8 M! cMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.1 W% ~7 }7 A8 m$ W* O; k3 f
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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.$ @2 {! m! A6 a3 k# d
2 p1 o) g" y! F' SWait 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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. D& l- y% m7 F$ V' Q"It could be advantageous for us to wait and just see what happens to the market in six months," she said.6 H) B+ }6 h$ o7 O
6 `( y, W* d- O6 ]! U' D2 A' E% Q0 R: MThe 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 _2 u1 N. ^2 ^2 Y8 f"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.. V3 j' ^$ s7 V0 p4 ?, y$ Z& Y7 [) p- C; l
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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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