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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.( u! U7 s" {; }6 d
0 o) s O _4 ?+ r PThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.4 q# l7 H3 _/ e+ m! K4 p
1 n: Z3 g8 l8 r. \: ZPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
" o: U1 A( L; @2 _0 W N7 BCMHC to issue 1st 'red' warning on Canadian housing market
# u$ x& B3 L* i* e6 h2 h( WMortgage 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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" }0 D3 o3 m; [) e3 x: G"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 happens1 Y1 q, u( v/ \; U: n7 b3 y
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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.' D7 R2 x) M2 `7 T5 u! Y
) ~* m+ C) S# y"It could be advantageous for us to wait and just see what happens to the market in six months," she said.; k j0 V5 }( H2 C$ F
- j* y3 X! c" o9 A6 SThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.. U" x% ? \/ s8 M/ Q
7 K- W5 L5 { k, {: \0 Z' }"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." r9 _2 X5 ^9 I" {: U) d: }/ h+ z
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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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