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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.. x/ y* I/ o4 \
! k2 I9 d5 p3 {- n9 L, EThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.4 J( ]& _6 Q5 u
: J" d1 R) S& q* |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.
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4 _3 O9 s' N1 S) I6 YFirst-time buyers, single-income earners take biggest hit with new mortgage rules8 O2 _8 P# V c( [1 {. `
CMHC to issue 1st 'red' warning on Canadian housing market
0 `. }4 s1 J/ _5 e% @; ]: p4 hMortgage 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.9 }+ q5 s5 k: c
4 g2 i2 \6 w- N; [7 d5 KWait and see what happens
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+ h: `& `1 E9 l0 @, l# O5 SNatalie 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.4 Q2 D' A% s/ \' i/ }! \3 b% e4 W
$ M" z: l% Y8 S a, Y' s/ `9 UThe 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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( s9 n" m) ~3 I; X# S"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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