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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.* R" v) H1 w; e: \" }9 x
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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 $320,000 home." n4 }$ Q1 ?) r/ u( v+ P, ^
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First-time buyers, single-income earners take biggest hit with new mortgage rules
) I' h' D5 W9 O3 Z( Q( x% \CMHC to issue 1st 'red' warning on Canadian housing market8 c9 K. I2 |5 D; m' d5 [
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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8 Z: u3 p5 f7 LWait 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.3 R" o' @* I2 G! P
6 b+ ~+ ]2 _& z& c, Y& f. k; Q"It could be advantageous for us to wait and just see what happens to the market in six months," she said.1 B3 \) }. F$ ~
6 F3 ?, h$ X, N9 i# ]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.1 k, d9 e' b' T6 ^- \
2 g5 o1 K5 H2 n1 q1 G"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." t* g+ R: P3 w- K
! r3 J$ R8 {$ E" f- N; 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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