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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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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down." K2 G7 p$ e) {/ O* w
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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 $320,000 home.
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" [+ k% d" t) B# ^/ a5 mFirst-time buyers, single-income earners take biggest hit with new mortgage rules+ U2 @0 [, a+ l ?1 C7 Y. T) V
CMHC to issue 1st 'red' warning on Canadian housing market3 e2 b' c+ I+ q6 ^
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.! _9 y: e$ K2 ~7 E1 y
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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." i2 B) x& G- o0 H+ |
5 I& M9 I: B3 i; z' X& [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. M- \9 I) x9 n3 }2 r! q5 _! L, `
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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& O: `+ a. Y. R5 x2 e0 N# x q0 E
& i$ E5 w% [: l7 J \, q: p2 {"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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$ G7 d# _) j) k( K+ cKinch 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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