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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 [5 j3 X, P ~' ?0 Z/ I7 `' `
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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., x' C9 ]5 H7 I- R- F/ Z. i+ s# J
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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 $320,000 home.) n0 @4 [/ Q( b {
4 A0 d3 f: P* s* Z" yFirst-time buyers, single-income earners take biggest hit with new mortgage rules% b, L( b% }' ]/ r
CMHC to issue 1st 'red' warning on Canadian housing market
, @* h, W2 F" O, YMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices., ~: a" n9 _9 u- h/ N4 A+ t
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.9 ^8 g9 N/ C, f7 f$ q9 G) `
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Wait and see what happens
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% P; y5 }7 e* Y3 q& @* tNatalie 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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1 [% E' D; }% L5 _$ j6 A5 ~"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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- b1 N( c* w7 y9 {2 ]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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"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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