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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.( [. o# b) C3 K: S) I
/ c/ E4 n6 c% Y9 f: U, [% EThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.5 x- B: ?3 A; N% S
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules- r1 ~! u/ i# I2 M, S
CMHC to issue 1st 'red' warning on Canadian housing market& ]: v/ v }( U% {% X4 O; E; o
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.& O* y) t0 ^: F# S* q
) U' D% m. ~6 n9 E& h% F3 ["In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.9 z( O$ N& O/ e1 L% I1 A8 n
% v; e0 K2 M2 Z( ~. z LWait and see what happens
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% p9 N. ]9 n. @6 ?; f( TNatalie 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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* [" ^+ f4 T ?5 r6 F4 H$ D$ r" MThe 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. r. @; z5 Y% [( N( A u7 r
. A( u7 K% A3 s1 F" H, rKinch 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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