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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.' l* g% O+ A/ n( Z% D
6 n; G6 Q/ d- t0 X `The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.- ~4 U+ Q3 C- q' E$ \ K1 E! n
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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 $320,000 home.: Z; w+ ~- ^$ m+ x
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First-time buyers, single-income earners take biggest hit with new mortgage rules$ W; z; Y- W% ?2 M( G
CMHC to issue 1st 'red' warning on Canadian housing market
6 b+ P$ b" K+ {- Q8 N0 H5 h# d ?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 i4 E: ~: q8 K o5 t$ D9 c"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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+ {4 y' v3 h+ N1 r7 v1 @" Y, bWait and see what happens9 M) g& C$ l3 ?7 \* j& E/ R
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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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4 e+ p, Z9 ^ B0 j"It could be advantageous for us to wait and just see what happens to the market in six months," she said.& E5 m, U+ q) G9 Q0 r/ R
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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." @0 J4 z+ A0 b6 \. n
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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.
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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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