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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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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 $320,000 home.! T8 |5 y; ]% _" V( m
! t- p$ {& B6 K6 \( I/ AFirst-time buyers, single-income earners take biggest hit with new mortgage rules, _/ c9 r& d, @3 ? b
CMHC to issue 1st 'red' warning on Canadian housing market
4 u6 B1 ]2 T; X9 h9 z- K: ]( w4 lMortgage 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.7 p% t! m& g8 A" F: N
8 a8 H5 ]: w, d: X. zWait and see what happens
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4 y0 X2 W1 H' s) d5 C4 s, e/ ^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.- ~2 _4 t# T2 s$ b& _
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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.
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/ E( J0 ~( \! @: Q0 Z S& s6 F! TKinch 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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