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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.# o0 S. p) T" G
5 W5 ]6 w# m! V' \9 YThe 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules* S% s: W! @/ I, N* Y! _
CMHC to issue 1st 'red' warning on Canadian housing market
" d3 D# @( o8 [! DMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.+ y: u( | {4 `6 A
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.$ \9 ]% L# H# Z3 N# p$ X& s
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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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% W- V5 c( a( g; O"It could be advantageous for us to wait and just see what happens to the market in six months," she said.$ X7 }8 k* t1 F8 k Q2 L1 C2 z5 d5 D1 G
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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.
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2 B" ?% m* t! ^) e5 b"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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; g( s0 o+ C4 r7 sKinch 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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