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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.7 r7 y3 K( |6 z) x
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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.
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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.' r3 {- h/ s) A% {6 q' T9 h
# E# o. r% ]2 Z( JFirst-time buyers, single-income earners take biggest hit with new mortgage rules4 e8 Q5 b; h' V. K
CMHC to issue 1st 'red' warning on Canadian housing market0 ]/ l: i ?& f- y/ g. g: \) K
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.0 l# X h6 \6 P3 Q
* l' H& }8 f4 f) b( H"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.2 |3 H' e2 W# P* s2 \
k" e: Y6 x/ A' qWait and see what happens9 e+ T6 D/ l# m2 `6 |
0 |, R9 I' L; w3 W% z* {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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9 \! }! u$ w+ d"It could be advantageous for us to wait and just see what happens to the market in six months," she said.4 r' e& K0 {, R9 z! ]! }9 @( 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.9 M9 v" ~2 `4 }/ c
' O W6 L7 ]1 z/ C1 {"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.5 P6 d0 Q( g* w
! F5 S' m- C9 g; \Kinch 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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