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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.9 q% u# s+ D* G/ E! I: n
. G$ K& w; T y1 v: KThe 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 $320,000 home.
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+ ]' k6 u+ U v. g- EFirst-time buyers, single-income earners take biggest hit with new mortgage rules" A& _- d+ ?) J$ q+ H7 q
CMHC to issue 1st 'red' warning on Canadian housing market* p7 i" a: f2 n: i
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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" E" p X: Q6 l$ {& @"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.) @0 e) M+ t. w/ p# I6 D6 L7 I8 f: f
2 @9 q0 t C' ]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.7 z$ }$ n, Z& C$ R6 y, Q
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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.
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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.6 W" h5 o( P0 H- e. j. |
7 f/ d. j" ]2 a; m ?) s) I"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.# i$ N3 B) F L, P( [! s
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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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