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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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; z* n0 t" v: p/ `3 K) X5 qThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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3 Z2 i( K, Y$ x6 r0 v, APrior 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 $320,000 home.' _: M; g4 S# K, A0 c4 ]7 J
& j" d3 S- u6 R( J4 e8 KFirst-time buyers, single-income earners take biggest hit with new mortgage rules
: f3 d5 [0 j- `/ i# K4 uCMHC to issue 1st 'red' warning on Canadian housing market2 W5 N% z+ z6 S2 ]
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices./ k/ e- S0 n1 Y( ]
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.5 i- ~0 _4 p4 }" x
) _8 l0 o. \. @- o# y. n0 W0 lWait and see what happens$ @/ I, h( b, D( ]6 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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"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.
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5 F* v" v* \( h3 d"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 m' T% F! [. @3 j1 p! o4 p
( K+ w" }. a7 ]6 a1 ZKinch 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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