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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.1 C1 X) s0 i3 s a; J: e
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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.
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# G/ |, K7 b: x: LPrior 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.* w9 o" p2 B) Z. ]- m& h6 ?
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First-time buyers, single-income earners take biggest hit with new mortgage rules) i( o/ d8 D p! h
CMHC to issue 1st 'red' warning on Canadian housing market
% v" J& F+ o& F/ q' k# tMortgage 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.; v6 I# {% o6 W
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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.7 X, G& P( n0 A- \) _+ u8 s- ?3 B
) N4 J, c" b! p4 e( O7 T% Z+ oWait and see what happens2 h2 Q# ^8 D& y! `
6 N1 u) _- G: r; KNatalie 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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$ B7 c% @3 X! C7 |/ Q: ["It could be advantageous for us to wait and just see what happens to the market in six months," she said.2 F! }9 [$ L. d, a" w
2 T/ V9 ^4 d* H f: vThe 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.. u3 g6 S6 {* I# y! n
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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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