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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.% ?2 s" H' w' E
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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.6 i$ D$ r- i- {9 J
8 h, Z# ~# Y4 a" v. w( rPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules/ O' g. g& S+ S$ W
CMHC to issue 1st 'red' warning on Canadian housing market. i) _( v" a# ~, B% D/ s
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.# ]7 `- E+ a+ ^; |
o# b+ V$ G9 J( r7 r RWait and see what happens6 q% a* o$ M1 p7 M+ c. H4 ], o2 [
+ R' X0 k8 V* b- dNatalie 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.' X4 z% Q- h8 d/ j& F. g+ Z' h
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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.& O' Y% W! N) h6 ?
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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.- j2 J* L0 X( a/ K) x X/ x1 G
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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 f* | M% N% F* B$ b% f0 n3 ^+ q
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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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