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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.6 T" z4 `8 u; W7 n ^
1 F( q( h; B. AThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.: j% {2 P% X( c- A
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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 $320,000 home.1 U6 C# G; M( C* f
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First-time buyers, single-income earners take biggest hit with new mortgage rules2 Z- d6 m- V+ _' f$ M
CMHC to issue 1st 'red' warning on Canadian housing market
7 H& A* q; Z2 r6 J( | dMortgage 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.8 t s* m' J5 X
+ G! D( C: r8 I/ s"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.+ y( z9 P, W: u
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Wait and see what happens3 V8 H/ p3 m& P. ^. K3 F
; U1 c% ~( P7 L: Q+ a$ gNatalie 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.- `0 G- X, O# k# E9 e- w
5 u% a- u6 O( |1 a"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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. x9 Y* I! r; K& @; Q, z. ~3 r( XKinch 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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