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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.0 ]/ V, S* J2 x, N- O
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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 $320,000 home.
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( v0 q% H" u0 f. ^1 OFirst-time buyers, single-income earners take biggest hit with new mortgage rules
8 V7 K: N6 @" N2 q% B! p- dCMHC to issue 1st 'red' warning on Canadian housing market
- a' g: e" |3 O+ D$ H$ t: d9 \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.
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1 w& {! h d* e- o0 f; T"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.; j; \$ F, b8 {
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Wait and see what happens6 ? j5 b$ `) J; O1 T
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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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3 Z) j) H8 f8 Q" \9 Z"It could be advantageous for us to wait and just see what happens to the market in six months," she said.: S2 t$ x! F& V- f9 S* v
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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.# p: ]. B$ G5 D7 o1 T6 S
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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.# n& r1 S q" ?- ]
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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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