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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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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.) S9 i# ^4 _. f- @* ~% z: D
' L9 Z4 S. [3 C3 Y" y1 z! IPrior 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 $320,000 home.
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T: ]$ ~9 n0 @First-time buyers, single-income earners take biggest hit with new mortgage rules3 k6 Y4 {6 ?. l. B4 Z! e0 ?2 u5 B5 f
CMHC to issue 1st 'red' warning on Canadian housing market
* y( v! L) B; E: x2 `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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* F P$ p* j3 p8 h! m"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.: n. T+ x: x$ ~9 Q
; L* B5 C# k$ B+ h1 j" X9 sWait and see what happens" G4 W1 Y2 q1 D0 ~: ?- C2 a a
* C }. M& X6 {1 z4 U% W- YNatalie 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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0 l: o2 A/ {0 V"It could be advantageous for us to wait and just see what happens to the market in six months," she said.+ |4 J8 r0 F' X2 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.
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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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0 I3 Z5 s* }% { nKinch 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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