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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.( n8 v6 b" T& X J3 B% E
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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.' G& D( G5 z' i( g
3 [2 e4 R4 r1 E( ]' KFirst-time buyers, single-income earners take biggest hit with new mortgage rules
. W1 h) ]( x: j" pCMHC to issue 1st 'red' warning on Canadian housing market. P: L' Z7 a d" ]; H/ d. a. ]4 G/ _
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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7 e' L1 g# L* R4 Y; }5 I! f"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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# I/ O3 R/ C( S1 h7 H3 d- wWait and see what happens% s, }/ k9 M( n
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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.
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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.
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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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