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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." Q7 @6 u3 S0 M
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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.
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$ v0 J4 J3 G4 k' G9 O* lPrior 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 $320,000 home.
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- R4 @. Y" Q; g5 ?' J' n& }( x% qFirst-time buyers, single-income earners take biggest hit with new mortgage rules
# H1 y5 ~ L9 r! G. Z8 i6 @CMHC to issue 1st 'red' warning on Canadian housing market
, N5 {, x1 U) e) ]( B7 O1 q. NMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.) U. Y9 F5 g0 e u @& _; B
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Wait and see what happens
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4 W. h2 Y% ?6 Q" l0 D; c$ LNatalie 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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6 S0 n7 l$ [& k" I6 U' ]0 K"It could be advantageous for us to wait and just see what happens to the market in six months," she said.5 f: p% X1 S; v- c
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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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"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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