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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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$ W( R$ D3 L5 |: {) Z S9 fThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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. r; k" I% t! i( r& x: c3 xPrior 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 $320,000 home.
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0 `$ X0 H/ z) CFirst-time buyers, single-income earners take biggest hit with new mortgage rules" O& H- g" V0 [! m- F) }1 Q
CMHC to issue 1st 'red' warning on Canadian housing market$ C9 e! S3 r0 n
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.9 {9 A# p. |$ L; w9 _3 h; b {
K/ \4 Q6 {$ Z- X: {; v8 S& \5 E"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said., Q4 ^7 z4 O; @$ B9 b5 J9 B
2 r m3 A) [: j( o8 G8 \1 PWait and see what happens7 j* F0 V) n; q R6 [: |& \3 H* \
; X& S8 n! X: V6 {( Z2 P" nNatalie 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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0 u* [$ i# w s" T- ~4 L"It could be advantageous for us to wait and just see what happens to the market in six months," she said.) r& Z/ K( j+ j
' x& H! i% F$ ?- Y( {$ `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., f- K; b3 y; ]4 I/ y% z+ `: J
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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.& D. V5 }6 D& s! v6 V- K, o
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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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