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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 W6 v+ B! p0 E' sPrior 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 $320,000 home./ X4 a7 W: v% h4 }$ \& T
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First-time buyers, single-income earners take biggest hit with new mortgage rules
& q2 T/ K2 F2 a, z; Y0 w4 jCMHC to issue 1st 'red' warning on Canadian housing market: T* N4 z$ K& V
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.( j; R9 L4 t7 a3 V$ S
6 V+ I4 F2 A) {) wWait and see what happens% K7 X' ]0 r2 k) }7 g, @
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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." `8 C9 b. t! d* r0 \8 c5 k5 r/ ?, N
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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.0 E4 M) l& _. p; Y+ B
+ x' a* ?! x1 S t# XThe 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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4 Y5 w* m0 r# ?6 M"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.6 y' r; v1 |4 @, N9 [
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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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