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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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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.* T# \: ^7 C7 B
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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 $320,000 home.: {$ t( X' H/ V: a* x3 ?
4 U% w3 U; i+ k+ [First-time buyers, single-income earners take biggest hit with new mortgage rules3 m: m- n% h3 v3 v3 ] z$ v
CMHC to issue 1st 'red' warning on Canadian housing market( O% n& h5 E2 Y% K5 E$ R
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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, D$ q! ^8 G* Z+ w% _. V2 [; _"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said. L: a A+ K6 F) ^& L7 K3 \, F# h+ [2 |
# N( @( y" c( q( X: |' SWait and see what happens# {3 [9 W% z2 P- O( Y
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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.5 p+ q' b9 H9 W2 d! ?" ?
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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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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.
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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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