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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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4 ~% ?" G4 i3 ~The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.% o$ p; l# n O* _& M' ~; V
9 l7 I- \! K) O; DPrior 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 $320,000 home.; J. W# Q; Q% [& _- [) O7 r p! d
2 ? j6 y E3 S: \First-time buyers, single-income earners take biggest hit with new mortgage rules( ^+ H( N, O& \/ h
CMHC to issue 1st 'red' warning on Canadian housing market
6 d* J5 O' y) Q: P6 ~$ TMortgage 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.3 J* E9 W; J N
2 \5 ~2 d, v2 A! b& g( V+ _& F) S1 n"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens
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4 r1 ~! V0 @6 X: a% L) L% bNatalie 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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$ a( c0 @3 B: Z6 ]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.% J5 H! P* a, w+ y1 f- ^) t* O
4 ^$ D7 ?6 k3 H4 I; n9 _) z"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.8 A+ z2 d7 `2 _4 b
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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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