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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.( ^ b, p/ n. Q5 x) w+ g
7 H H( C9 Q. {* Z2 ?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 $320,000 home.1 x( J; M- T; A7 c% b
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First-time buyers, single-income earners take biggest hit with new mortgage rules! _" h- `' }: G" }" U7 k
CMHC to issue 1st 'red' warning on Canadian housing market M7 p7 R+ ^8 n6 u
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.( Q- |0 y+ @% i4 F1 h6 S
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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" l/ ^: _. F9 H9 G& J7 ?Wait and see what happens3 R D5 n: M# W6 b& X+ k
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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. E# X# z# G$ O" u f2 |0 m"It could be advantageous for us to wait and just see what happens to the market in six months," she said.8 @: f* Q% X0 \5 g# N
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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.* t* s5 b9 Q! c$ A2 N" w0 M
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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.- o7 E( m" {" C4 ]) _$ f2 U
6 Q2 j% S" \- s, m' |3 E3 tKinch 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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