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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.: k* G- D& k0 G& C2 A1 Y
. b! O: }/ F+ P5 ~& A$ t: ePrior 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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) K% b# Y5 O3 ?% L1 X- Q. YFirst-time buyers, single-income earners take biggest hit with new mortgage rules
$ ~0 n; S1 i+ g- PCMHC to issue 1st 'red' warning on Canadian housing market
- V( Z, w. e, c/ R- VMortgage 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.7 }9 Z$ M, B7 a' W. v) \* ?$ G
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Wait and see what happens
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6 o- D$ _' N* W( u- N6 HNatalie 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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+ {1 L: } @- \2 W6 Z1 a"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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4 P% M9 B. {8 f& `+ }& q( [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.* s- D+ m$ Y7 L# a1 I
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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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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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