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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.% F9 E y" ~; n5 } \5 ]0 g( @3 ^
1 A' I8 P- z- vThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down./ M! U" V- k7 Y* T; Y9 O
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules0 m2 x' Y+ q: J# \
CMHC to issue 1st 'red' warning on Canadian housing market. M9 v- y0 [5 O, m9 z+ S* j: a& _
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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- V5 g. }6 P/ p3 A"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.9 [' M; q; u# q' k+ W2 a6 G$ b- w
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Wait and see what happens
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1 L. W0 h+ Q4 a6 Q; Z4 P: {Natalie 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." f. K; M' P! [$ z8 S% L
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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.' e' b& t3 C% }) h4 |' J
- ^. `. w4 X) m% BThe 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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9 a/ Q1 C8 K; y( I"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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