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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.3 m3 M$ ^1 w1 K, E$ _0 E2 ~" J
: p$ x. }' k' Y" q! MThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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# f- r1 Y9 f( j6 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.
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First-time buyers, single-income earners take biggest hit with new mortgage rules2 D# {- ?- V+ R- Y* b
CMHC to issue 1st 'red' warning on Canadian housing market0 L7 g9 j. _' v* r
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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Wait and see what happens
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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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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.2 b; \6 j2 n; A/ I- U3 f
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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.7 s- ^. h8 o) c0 i
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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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0 W# E% a9 n% w, E9 q3 gKinch 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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