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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.: ~2 ~2 t. ~5 P* E9 N" M
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
: C9 W+ Q0 h# ZCMHC to issue 1st 'red' warning on Canadian housing market+ [ L' z+ J; \ n0 E# r
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices. z: P. p9 v- }8 L& T/ n: y
" K% F- _; f+ K$ p$ f) ~4 @"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.$ ^/ |3 O* U' V& X
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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.. S0 e& {9 t) `2 v
3 O+ y8 I% X& d* W"It could be advantageous for us to wait and just see what happens to the market in six months," she said.) {5 \5 R2 A9 ^
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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.; P' y+ X* b1 @
- y2 \9 i0 \7 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.- A; V3 t) K( w- }0 D2 }
) B% r7 f4 \3 U; m+ V8 NKinch 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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