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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. h' T. B, m) j* f7 y5 j
6 A5 k4 {% X' ?1 O1 dThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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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 $320,000 home.5 i% K G e$ \" h: R
( @$ G/ `! R+ WFirst-time buyers, single-income earners take biggest hit with new mortgage rules8 Q- i; y8 f, ~# U
CMHC to issue 1st 'red' warning on Canadian housing market; g- x# R$ `4 d
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.# O# T+ L _1 p$ W, P% F- F
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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.3 }' s+ }. v5 [
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Wait and see what happens
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8 J g$ ~3 I5 u& HNatalie 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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( x, {- o W( o6 ^$ f"It could be advantageous for us to wait and just see what happens to the market in six months," she said.7 Q! R+ E/ |) N. t
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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.7 e4 u& k" t7 h: v0 a% F8 L
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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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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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