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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., V3 T4 L2 L8 z. g! \( I
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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.5 O$ p% X! t' |$ W; m7 n
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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 $320,000 home.. A7 w, E, J( i3 P
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First-time buyers, single-income earners take biggest hit with new mortgage rules+ @' g1 w( I% O1 n0 l
CMHC to issue 1st 'red' warning on Canadian housing market
" r: i+ t6 M2 o$ T k- eMortgage 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.2 b H' r& U; q5 K4 W
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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." s+ f _* Q7 @9 ~3 h) _
: ]: x5 ]) W# O6 y aWait and see what happens
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, Q4 w; M- c) Q: KNatalie 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./ E4 p* a" N( s" P
( Z' G9 c. E2 g3 w3 y" E"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., F% z9 J1 ^7 O! Q1 x4 Y+ ^ n$ c
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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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