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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.
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9 w: S7 o w3 [8 _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 $320,000 home.
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# q2 _; l9 r. R0 `& ?First-time buyers, single-income earners take biggest hit with new mortgage rules# Y; K1 e g& `2 D3 [
CMHC to issue 1st 'red' warning on Canadian housing market
3 I) {1 P$ v$ {" ^! f, A) j+ tMortgage 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.. }3 o" {" Y: ~. a3 z V
2 M U, s; \! F; D* D' G"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 happens9 H0 s! h) g7 M) T# T7 |
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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.& L* Z+ k9 H9 m, l$ r
7 ]& N: m7 Q. ~1 p& {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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"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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D: d- B& B2 _* J: yKinch 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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