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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.4 E# |6 L3 P0 ]- w$ I
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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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, [# t% D9 t: ?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 $320,000 home.' X; C3 M" J" d3 W& D
! t8 d0 Q* L; C9 s' ZFirst-time buyers, single-income earners take biggest hit with new mortgage rules
+ A- v# u9 B+ E- [7 o6 C1 l5 @! hCMHC to issue 1st 'red' warning on Canadian housing market
, F5 T3 t4 r) C. BMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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' T0 z5 O6 m, X$ G( JWait and see what happens
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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.
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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.
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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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) Q3 ?/ V9 `/ i9 P9 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.8 y& z9 O- | H
6 W: _3 s; J- {) \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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