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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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1 j3 B, e' u: G, q( GThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.1 x0 I( \+ s, b# `" l9 R4 w, V1 Z
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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 $320,000 home., Z- l6 @* Z L
7 z5 k( H# i7 ~First-time buyers, single-income earners take biggest hit with new mortgage rules4 D+ C# y: }" z3 z, k8 V
CMHC to issue 1st 'red' warning on Canadian housing market
+ w+ ?+ }9 Z' ]Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens) Z* b+ b, h# E. c: u# \# y0 j
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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* Y4 T0 [' E5 @$ v$ p: _"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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' N$ p9 F) n8 @8 S; t"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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