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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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+ v# B ~. w' b2 `4 D* cThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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# u1 @, N! k U2 e8 }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 $320,000 home.
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5 u& x, G/ y7 bFirst-time buyers, single-income earners take biggest hit with new mortgage rules
# e# \# q. K9 HCMHC to issue 1st 'red' warning on Canadian housing market: q% k& I. b, q# A" z, a# C
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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J) p! F# v3 a3 C5 t: J+ {"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.% L1 E @3 g: k# f
. Y) s2 @# m' U6 p- gWait and see what happens! P; a+ \. y2 X2 _) z3 i% \' ]
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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# q% _# Q' P, K' d' d"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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7 J, x2 B7 v/ `The Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.
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9 g) H) l5 \% i7 u( S$ 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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; H7 @, ?: a" v5 I7 L) k, f" 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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