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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.9 W6 V0 r' H6 @ E) x0 I
, J- C% C+ t0 T* ?) |' g! F6 IThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
# V1 H" H1 F* J+ T4 MCMHC to issue 1st 'red' warning on Canadian housing market4 s+ T& Z3 v. [ m
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.. `$ l4 A( m( P5 P
# ^, X7 v) ]5 y/ d; H% M"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.' p. ?1 {& y( v0 A) Z' y+ p
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Wait 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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"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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* P9 J! T6 s1 t) t# m8 mThe 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.3 V/ o$ f. o2 L! b* J
( j9 \0 U. M, G4 V4 FKinch 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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