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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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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.- c( H. R4 j. Z1 D4 k
! S& z% h/ L; n6 T# L0 U1 bPrior 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 $320,000 home.- q z1 n2 F2 T3 A! h( n
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First-time buyers, single-income earners take biggest hit with new mortgage rules
3 q! B0 g- _( a% F: pCMHC to issue 1st 'red' warning on Canadian housing market8 ]/ |: [, o/ [; H+ `) m/ j
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices./ ?6 |, t- F* u6 p
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said., @4 K4 f1 ^' k, E4 @' L
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Wait and see what happens$ L5 x$ ~- c/ V% e3 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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4 P3 L" [/ p1 Z& I" N0 V8 a"It could be advantageous for us to wait and just see what happens to the market in six months," she said.+ H* r1 C7 i! i6 p
# G$ y* b; ]6 o8 HThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.4 U3 |0 @' z' j( o: D" c
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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.: o/ p7 A& a/ z5 V4 d
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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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