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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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( G" @$ s- ^# J |+ ^) @6 u. y& t: v7 HThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules. o" ?! J5 s" f$ L& t- T1 Y6 d6 I
CMHC to issue 1st 'red' warning on Canadian housing market
$ s. c5 z8 Q9 Q/ CMortgage 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.- R! L& v# P& v1 b9 x
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Wait and see what happens6 ~5 a+ V5 c ?9 S
+ z& U. v' c0 [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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"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.$ g5 W( h1 M; S/ |4 _% b, m
+ Y9 x& G4 _7 h/ U& c8 k, w"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 D' o& x( W; ^) d% O& Z7 r
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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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