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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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* C' i+ q; k$ ]5 a t. P/ cThe 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 $320,000 home.
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- d; x9 V. p. GFirst-time buyers, single-income earners take biggest hit with new mortgage rules: L$ g! _ H$ c
CMHC to issue 1st 'red' warning on Canadian housing market2 F' n- J8 `1 y7 E
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.
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3 U1 Z' i; c( g h6 B" ~1 T6 H. lWait and see what happens+ J0 a' ~* O* s) ~; l9 W% i, H
& _/ d# N7 s( @6 ?0 |6 J. SNatalie 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.% D O, ]7 G; S( S
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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.2 J, ]1 R7 h' u3 r/ g
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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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"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.. ]0 w" [: m2 g, c! ~
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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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