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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.4 F& ^; b0 K+ e. a, {* i: y
3 C2 ~& l% F2 pThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.! |# B: J. P# H: D3 a: \, @: t
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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 $320,000 home., D* J1 n# `3 X. p& \
E$ Y# G4 w; z' Z. \* zFirst-time buyers, single-income earners take biggest hit with new mortgage rules, Q( w Q0 N6 M- \* {3 i) A
CMHC to issue 1st 'red' warning on Canadian housing market
3 @- Q" U- m7 M) D- S4 [! t tMortgage 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.
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Wait and see what happens
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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.# @+ A7 @; }1 o7 x
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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.: y8 n# I) |2 w: i# U
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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.- P- e" w6 _2 g b1 F+ c `4 T3 C! w
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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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