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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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. m* |$ K% [0 ^. C$ E7 l7 E* LThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.! C* U6 N [3 @, ?% l E) V% i0 d) [: s
+ x( ]9 @* i3 _/ F% i, ]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 $320,000 home./ W* q& K1 Z, A5 ~! ~* L$ m' C
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First-time buyers, single-income earners take biggest hit with new mortgage rules
* `' o* W3 d+ x$ r! wCMHC to issue 1st 'red' warning on Canadian housing market
5 R6 l: O' m0 x; o. I3 p# OMortgage 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.( k& s% a: a7 H8 j% ]
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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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5 v! \/ ?! ?7 d" P- M; ~; T2 A: EWait and see what happens8 h. z; c6 w- S6 L# ~- L5 w
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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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7 s3 i4 Q3 I( n& f"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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+ _0 i2 G# f8 l& h# m3 ]9 HThe 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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1 ]& \- b$ ?. Y/ R; z- k"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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