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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 @ u- J m! U" _5 [
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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. m# ?# h% \( h' k1 P) f
6 E+ W6 [, r o) I( s+ Y; c; dPrior 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 $320,000 home.
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; Y. K& I9 j H+ D n! B5 {First-time buyers, single-income earners take biggest hit with new mortgage rules7 a4 B0 u0 k" w$ L* }9 W- @
CMHC to issue 1st 'red' warning on Canadian housing market
, k2 @6 ~, w7 s- s- y3 O( m& c) Q1 AMortgage 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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' L0 k4 n5 W1 Q5 C"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 happens
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' S% l/ T K T; CNatalie 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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3 T9 d8 c- X: q! U; w6 y2 v"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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& q! C# j6 M$ d8 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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8 ]6 a: w, r8 K. s2 `# U"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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% j, p1 L# Y7 m1 d( B6 M0 r. eKinch 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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