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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.5 f9 m* b) F* M' ^+ j$ \8 z# F4 i
. Z) \' p3 l* \! s0 [3 R4 ~The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.$ H* a) y$ q2 c
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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 $320,000 home.6 z8 k6 v5 l1 Z0 ?* p" e- g
# Z: o( }& `0 I6 gFirst-time buyers, single-income earners take biggest hit with new mortgage rules
9 P: I" H7 s6 vCMHC to issue 1st 'red' warning on Canadian housing market/ h# C8 L% r; Q) r! _ [& ^$ y
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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$ [; q) }; o8 Q( J"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 happens1 w8 X! @+ K7 p% @
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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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1 }! R0 b+ }4 S; q/ F3 p4 w* ]$ W+ j: y"It could be advantageous for us to wait and just see what happens to the market in six months," she said.3 t/ q. s. W6 K
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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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