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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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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.# C) W) S; [: g5 j1 @1 D
# k1 _, ~( M7 d! h" XPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
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) n( X0 e2 ~8 |. n5 d- e+ zMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices. }' f" m9 Z& ^3 D; N7 X- @* u4 U9 z- ]
) _' ?/ i. q8 [" _* E" A"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said." b* ]8 t3 F" X; [
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Wait and see what happens
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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( q! a1 K( w6 Z& |! o"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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* O+ I( N( R' i: ^) b. XThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.- U6 [5 l5 z$ L" S6 C9 J. `; s5 [; I
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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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1 g5 |8 y/ d/ g) }: e0 t& C# l }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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