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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.
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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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- Q" w& q7 G' X; UPrior 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 $320,000 home.1 J# ]& i+ z z9 l5 u/ p& ~
- P" {6 Q2 T3 [- _& ~/ EFirst-time buyers, single-income earners take biggest hit with new mortgage rules
' O5 Z) ^9 l$ y& I( P8 qCMHC to issue 1st 'red' warning on Canadian housing market8 h P3 v$ t. T e4 \0 f& m
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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' b4 H8 {. x! `9 n/ B8 L5 y6 }7 M"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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+ h: F: H1 b3 s jWait and see what happens; s( _- A6 ?4 R& w9 c: Z
, o( K% |+ W: w0 u# MNatalie 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 T5 ^$ `2 S$ W$ _( n% s7 M"It could be advantageous for us to wait and just see what happens to the market in six months," she said.* E% R; j; b0 @! l7 y5 @' x; F
) h, \" C- L; T* PThe 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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