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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.; X a; K( _$ K; c5 J/ ~2 ^- K7 H7 f
0 e- [, _: x1 M& M1 oThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.' ?$ n9 Q. Q9 g/ j3 x1 J9 ]
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules3 M* ]2 ~$ H: c1 ~ q0 P" ?# B
CMHC to issue 1st 'red' warning on Canadian housing market& i# B ]& Q: n0 w! [# x
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.
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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.1 H+ E* e- X$ P: Z( H
1 Z& W9 y/ X0 e9 D1 H' zWait and see what happens
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! r; E: Q1 C0 V' M( T, |. u" dNatalie 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.0 u) R" T* w2 K* J R4 a# C
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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.& G) S! o3 |: n; q+ f" U' i
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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.9 L+ e+ @4 ]8 `$ ?9 @
# [* F! O9 a* ?# B( P: ]"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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