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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.. I9 [5 W3 n( L5 I
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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.& \9 K+ K. v5 \& n0 k% I
1 F. n! O! [1 l! K; P+ K( jPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules* U/ g0 g3 l+ ~% `+ u* e
CMHC to issue 1st 'red' warning on Canadian housing market6 @/ }+ B( O! U7 f
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.; H/ N3 m$ e% E$ k% X) u
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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
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^9 t* j1 N5 Z& MNatalie 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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9 U6 T% }2 ?# k7 WThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.) C! s- Q* y$ R: f1 U: y
+ \$ V+ r7 K2 @/ {0 Y( M9 e"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.4 y& g& l1 g/ b& k% \6 a
4 ^4 V; Q# N. o" k/ B, JKinch 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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