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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.9 |3 }9 r* c0 F
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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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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
/ `% L5 K2 Z* z( a( I! Q( zCMHC to issue 1st 'red' warning on Canadian housing market( @( P" r2 q7 u9 L7 G
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said." t& q2 D' x" G7 z" B, }
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Wait and see what happens0 f! w% f8 |4 U. P; E
7 ]7 ]; N' {' Y; W( }* cNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.2 ]0 A+ c, P/ ]! F: H- n" m2 c
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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( i! |0 R# N p' ~( Y YThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.
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"These factors will be reflected in our forthcoming Housing Market Assessment on Oct. 26. They will cause us to issue our first "red" warning for the Canadian housing market as a whole," CEO Evan Siddall wrote in a Globe and Mail column., E8 h0 C/ [# P8 l8 G+ t. g5 s0 P
4 [) o1 I+ {$ d4 ]. KKinch 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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