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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.4 x! I+ n! m) r9 C
( d& g! b# P9 m1 r4 X" OThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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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 $320,000 home.( L1 I: I2 W5 n& T0 f" n2 k6 H
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First-time buyers, single-income earners take biggest hit with new mortgage rules& Q) c! ~( `- r" [" o
CMHC to issue 1st 'red' warning on Canadian housing market
' w: n8 M+ c) E! kMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.1 ]2 @' o! V5 g: O) x% {( n1 \
% \* w0 f V* @, ^" I3 X0 ?/ }Wait and see what happens: _1 W! @ j$ _8 s* U
# X/ z& n. Y, t5 M* W/ H, HNatalie 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.* Z8 I/ }( W3 f; d
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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.5 `3 W7 _. z% y+ z u; N: a3 R
: j2 _5 T8 W! Z( MThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto./ I0 n6 K& b3 X5 x E; M- m/ o/ C
/ Y( P) p" N+ C: X# @7 c5 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.
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( J1 C G' J2 v YKinch 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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