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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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! B7 j7 }: t, h4 L4 iThe 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 $320,000 home.) S5 n& w: T N X! M' s; m, \$ M
/ E. G# u; J! y! C% lFirst-time buyers, single-income earners take biggest hit with new mortgage rules; Y" |6 A, L4 `; j5 C8 ]! |
CMHC to issue 1st 'red' warning on Canadian housing market
& w, G9 _1 y6 _" a/ Q& m$ j3 [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.) }- R% r1 [# L( X% @* c
) X) o$ v& E' K7 z; L"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' ~$ g! Q. ?( w% S/ A
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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.9 O4 n% M! R- N* {3 F
" z- `, e( }1 Z0 B"It could be advantageous for us to wait and just see what happens to the market in six months," she said.$ j6 d; V% c1 r
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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.0 s j2 A O; M K) T2 H7 `, n& t
. K6 F' U0 [' I& T9 ]" j1 `"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.! J: l, D9 n/ i6 Y3 @, O2 a) ]
# O: v7 Y7 r1 o8 ]: s! IKinch 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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