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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.8 R& I, ~0 m) J% E( g' a
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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.2 ^( h. r* {4 ]9 Y: J/ G7 X
9 P1 U B& S* m3 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 $320,000 home.: k( }: o* X) T# _( A. u' z0 G, z$ E
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First-time buyers, single-income earners take biggest hit with new mortgage rules
) R: Q" P6 ?7 X, R* nCMHC to issue 1st 'red' warning on Canadian housing market; v N$ ~! a1 F) Q, v" y4 `
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.# a' \$ P* Q" _9 q1 j
0 C0 H8 c5 t- I2 n ^- }"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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' y' e7 i- A" P: YWait and see what happens
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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.3 J3 \6 L4 `0 r
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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.3 E+ L q' P4 Y8 N1 S x
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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.
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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. Y' V# U. _: l) M) A, N
9 I! r* t1 t' ?# T* 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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发表于 2016-10-18 09:11
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