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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.' v& J* Y& ]7 ^# M9 G2 x9 y: q
, ]5 M4 w% t* V$ BThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.( T1 L8 x6 e3 E3 \0 v
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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 $320,000 home.1 x5 J% i* B2 Q, C3 A7 b1 b
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First-time buyers, single-income earners take biggest hit with new mortgage rules; U% g' F: }' ^# c& d3 X6 m
CMHC to issue 1st 'red' warning on Canadian housing market
* U- f5 p0 w4 `1 wMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens$ Q3 y4 ~ O/ q( ^
3 A' E& G+ Z' I8 _- pNatalie 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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3 d9 d: u9 x' { K- R- B' n"It could be advantageous for us to wait and just see what happens to the market in six months," she said.0 K% P9 \$ [3 k& D$ n5 u
" w' i, T F0 t) G) z6 q r6 GThe 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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4 ^3 }& X& q- m5 L! H# c"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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