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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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+ o" m$ A" m7 W7 W! i; u: b* a1 cThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.% o/ k) m9 R$ p" G r% [; d
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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 $320,000 home.
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: O. \2 J) Q- y& }First-time buyers, single-income earners take biggest hit with new mortgage rules
^! M5 j" |$ Y6 {5 I9 xCMHC to issue 1st 'red' warning on Canadian housing market
# B- g+ V* [) \5 ?; C8 {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.& C9 K9 N P. }3 G( K
4 t- n0 q1 d' h& qWait 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.
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4 _( h5 r$ ?/ q1 i& K) _2 Z"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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7 v) m8 E2 C; `* v t, S7 oThe 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.% e9 g8 e1 x' h8 H! t
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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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