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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.3 Y8 m6 W! E1 y z
' E) W) ]% h [The 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 $320,000 home.3 |$ F5 a. n& Z g( I: n1 p
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First-time buyers, single-income earners take biggest hit with new mortgage rules: @! y. F# t/ p c( b1 D
CMHC to issue 1st 'red' warning on Canadian housing market
% Y% x% Z$ }/ U; V# LMortgage 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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' w. B+ z$ ?9 Q5 e) X"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 happens
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7 P3 V, v! T. N9 `! B. j" V" ?4 H3 `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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) q% \' r& u6 O8 M* j' M"It could be advantageous for us to wait and just see what happens to the market in six months," she said.$ M) }6 B5 Q/ r; s
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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.# W7 c3 l& Y: ?3 r' P3 y* d8 _
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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., e9 X( S8 ]$ ?0 z+ J+ S4 L
/ p, ~* R7 Q# C9 s3 f& ^, B) hKinch 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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