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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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* v% n; Q& ]/ Q) K6 h& }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 $320,000 home.
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) z( m+ ^& b' P7 }First-time buyers, single-income earners take biggest hit with new mortgage rules6 p& s% q( ~: v7 I& O1 H
CMHC to issue 1st 'red' warning on Canadian housing market! X5 y; W8 ^1 _/ |
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.' p. k$ ]+ f. e# {4 Y' X
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Wait and see what happens
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5 k8 T6 B5 [0 K* O LNatalie 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.4 Q- g8 ]- u" o" w
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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.7 y' C. H+ c2 W/ ~3 t+ ?3 o
/ S$ C: T/ X( n+ p3 T7 wKinch 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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