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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./ D9 m+ H7 O2 z N2 [
( b! b0 \5 e# ~3 pThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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5 v! U1 X9 s: G6 zPrior 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 $320,000 home.
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7 m* M3 e3 W6 ]& lFirst-time buyers, single-income earners take biggest hit with new mortgage rules
, ]1 g8 `! t$ k* l* TCMHC to issue 1st 'red' warning on Canadian housing market, q4 }) ~% U1 u* K/ X1 A
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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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.* I6 G6 ?0 f/ t
: _' G0 w. F7 O/ j! V% \% {) h% TWait and see what happens/ F% x2 v y1 ~0 c& R' D4 ?
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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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4 N4 q1 ~" c/ n+ U+ p6 t6 l"It could be advantageous for us to wait and just see what happens to the market in six months," she said.& H+ a% ]; h% ~8 g a4 D
* [- Y# r0 U7 z, i# i2 L0 PThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.8 Q2 l" n# s, s) e! l9 V* c
, m$ D! D! k' M5 T/ @"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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