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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.4 A3 X7 \- J, D+ v$ E/ g8 l
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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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% z# z) z* k1 Q' [$ R9 Z! G, D: pPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
! ^$ p5 l" P: kCMHC to issue 1st 'red' warning on Canadian housing market S: E6 F* [ g0 V5 L7 o9 X
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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+ z, F+ O9 v3 I4 b8 y! W0 R"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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& l/ V- n( K# ` U+ sWait and see what happens
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$ q1 }3 m2 A' R: O F. g7 yNatalie 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.
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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.# ^, R+ A3 X! r* p0 U* {/ h9 f
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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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! d7 \/ D: G6 ~2 Y; Q% K7 tKinch 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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