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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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8 P- Y* q* I8 L8 JThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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0 a" d6 s! G. X# o UPrior 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 $320,000 home.
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* L4 d2 t5 G" G& P% g! o9 CFirst-time buyers, single-income earners take biggest hit with new mortgage rules
& A& e$ g) v5 q' r5 X2 \# U, iCMHC to issue 1st 'red' warning on Canadian housing market
9 x& \6 g1 M' q, n3 o# RMortgage 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.3 G# o; p3 D& d. K
: u9 F M- y% M# ~* ]"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.5 G1 }# b2 f0 r. X, }9 ]
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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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"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.! v; Z5 w% O* ?. Z. K
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"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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7 Q# p+ F- t1 dKinch 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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