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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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- w9 ~2 B9 r, m: vThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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3 ]) b# }1 @/ H/ X: |! aPrior 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 $320,000 home.$ J# N I( F3 ]1 [9 c( A
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First-time buyers, single-income earners take biggest hit with new mortgage rules
+ |9 E4 D& l: o: ^3 f) GCMHC to issue 1st 'red' warning on Canadian housing market
$ z: R& \7 U6 V1 j- ~: J4 l* UMortgage 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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1 F: l) H, [- D' X0 i$ _"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& ]' x7 o x9 b1 b& h
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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.4 R5 g E/ W# O
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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.* _1 F R! A9 k5 {' q1 @4 I
/ r" V/ g! V% IThe 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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0 j3 v$ Z4 h& `$ Q8 D, d& ~" q"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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