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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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1 D m& o5 m/ P$ ]' KThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down. ?1 b6 d" |8 e& E1 J
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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 $320,000 home.
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* \/ v) j, f+ E: B) cFirst-time buyers, single-income earners take biggest hit with new mortgage rules/ I) r1 F* M8 ^% n3 b( R; n
CMHC to issue 1st 'red' warning on Canadian housing market
1 u3 u( X' G& a# G# y; R$ [: k5 q' GMortgage 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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# A7 h+ L2 J5 n* P0 g# V"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" ^! X7 X) e+ j% V9 t- w
# }5 s* s3 |( J# e5 @" vNatalie 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.1 L8 ^" y# |2 n3 x
( r" z# G/ p$ J. ?" d"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.
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5 R& n9 H2 P: a. [4 W9 E"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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: j- A/ I. n$ pKinch 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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