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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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2 N9 v) b" K( q& C& aThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.( A% O) |$ x# ~4 ]/ G2 q: T
5 ]8 W7 A: i! i2 u$ g: gPrior 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 $320,000 home.) W3 m1 @4 R3 \6 Y+ O
+ |: C' C7 @" }$ d i. [First-time buyers, single-income earners take biggest hit with new mortgage rules
# I$ E7 A5 J8 N2 n9 O$ E0 [CMHC to issue 1st 'red' warning on Canadian housing market
1 A6 w7 b1 G- f9 c" bMortgage 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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- ^2 x' ?1 \& f' W R. w"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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# B9 ` a+ ?8 q4 ?+ J# c2 u# y0 o* pNatalie 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.1 b! J/ n, y5 e9 m
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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.' v* \/ U+ I) q1 }* q0 i
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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.1 x& K" H8 Z m5 ]8 t
P& ]7 H$ o( V7 `4 G- T& B"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.6 H7 `4 A3 B4 U0 W. N8 C* M
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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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