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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.# U, j' ^) ^4 h/ ]8 r$ X
' t! s$ W5 W: d3 g; `% @The 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 $320,000 home.* q3 e$ D( B) [5 X7 q
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First-time buyers, single-income earners take biggest hit with new mortgage rules
: Z7 N' H" {" W/ N8 VCMHC to issue 1st 'red' warning on Canadian housing market, D- [- a) E; O \( p
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./ B) u3 P6 v4 x N7 w9 X- D0 u
7 J7 R1 b1 r2 E+ C) J. x7 ~/ S5 n"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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?" H* S% E) {, a: g+ F E, QWait and see what happens
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. }# v) ?+ t% X6 M* F1 zNatalie 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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- f5 j$ J/ O0 m/ }"It could be advantageous for us to wait and just see what happens to the market in six months," she said.# x; j4 a; r0 }) c9 i2 Y, f4 r" K
) `1 I/ D0 g+ X; P$ h0 G `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. M9 O* X2 P' v8 E! I" z' ~
5 z2 }9 o8 @, ]; 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.5 v' z" x# [2 y
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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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