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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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4 X; o2 @2 V: s" b; R) s8 z5 \The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down." v! h# j& ~; h6 l2 B
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
" ~* \: \% n$ k* I( |$ @" iCMHC to issue 1st 'red' warning on Canadian housing market
L% g J" I9 l* F1 ~4 ~3 yMortgage 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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8 i, r/ ?- t+ h7 ]"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.9 }( |) ?, u4 e: y3 P; o
2 x0 e' W4 D5 e0 z) BWait and see what happens
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$ W i6 k# |0 b+ bNatalie 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.9 R& t7 {: `& X7 I: n! E# \& [
7 C' f1 Z5 O& L2 i"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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$ }* B2 ~" c1 H" I* bThe 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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"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. A+ ]2 A% M) {: L) y6 [" M4 E
8 b$ p' ^. z) y9 _' T+ J8 r; VKinch 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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