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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., h) C" ^2 \& ~& ~% V! J
7 D7 g3 ]5 Y( Z5 c: H* z/ w- uThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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3 \, h5 ]9 f2 EPrior 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 $320,000 home.
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2 X# x1 ]& u U; qFirst-time buyers, single-income earners take biggest hit with new mortgage rules! t- Z" U7 P1 G5 i: Z* w
CMHC to issue 1st 'red' warning on Canadian housing market3 r6 Q o( {+ }! d4 ^) e
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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O$ O4 {+ e' n- {1 a"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens
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- D; q( z9 Q% }$ MNatalie 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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1 D6 ~* V5 } d. b; I. ~"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. N/ O$ q( V3 _3 f9 ]
* C% g; T8 x' ~0 y9 d4 U' |% ~8 X+ J"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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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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