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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.
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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 $320,000 home.. w* V- b. m8 T" E4 s7 P. F c
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First-time buyers, single-income earners take biggest hit with new mortgage rules
! C0 ?* I4 @% ^. J5 b4 W/ t8 E& YCMHC to issue 1st 'red' warning on Canadian housing market$ ?8 l- u- |! m% T) M0 u W
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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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.* n: x" R# h; N
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Wait and see what happens
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$ m8 @5 n: w& `2 X. `, \6 {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.' X3 V9 V e& y0 I% p
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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.
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( [( r. C) T! o. EThe 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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1 g; P) z6 [, Q: B% V. ]8 E" h! R"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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& r3 S2 _8 z% T6 ~: _, x0 i- uKinch 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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