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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.4 ~* b( ?* t6 ]0 b4 D/ M
' k! c" o$ T/ {- W/ ?# S9 Q, z% `1 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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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 $320,000 home./ N4 z8 d5 m3 U* f9 Y
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First-time buyers, single-income earners take biggest hit with new mortgage rules
4 b4 ^$ L# T- h5 a/ P6 \7 tCMHC to issue 1st 'red' warning on Canadian housing market O! O3 I3 v% H6 y2 Q, {
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- a& N5 y. d2 L% B. _
; k: e7 G, {3 D8 R! }4 S"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.' o1 z% f. B- K8 C/ V" e
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Wait and see what happens- y' u: V, W# Y5 d
! |' `4 Q" G& s/ xNatalie 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.3 y" j" _7 x3 B. r) t6 B% c
0 v$ v0 C5 ~3 k0 ZThe 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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"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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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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