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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.7 Z* ]1 x/ Z# Z1 u7 \
; M0 t& ~1 _ p& b$ S6 oThe 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 $320,000 home.5 b5 S+ a; Z0 z P
# W: J6 A! Y: [- L8 ^9 [) KFirst-time buyers, single-income earners take biggest hit with new mortgage rules
7 D9 p$ ~7 _# r7 e9 x# wCMHC to issue 1st 'red' warning on Canadian housing market
& n- H2 X, R) F5 v+ ]8 I2 SMortgage 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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/ k0 T" F& I5 G/ u0 T, o"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 ~# C& c! L% F5 `" U' z7 uWait and see what happens* o& g% i" y" b; [1 B; ~4 T! y
; g8 K; G+ n# `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./ U0 }" {& ]3 O% h H/ X ~
9 H" k1 ]* e4 u& D"It could be advantageous for us to wait and just see what happens to the market in six months," she said.3 i0 i4 ?/ [7 I( o( n1 d
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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.- |2 r! X# a; m; ?7 S, @; a; g
* M/ j0 J0 v# _8 }"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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) x. Z- W. l, [3 yKinch 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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