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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.; _. p. t1 @7 P
! E G) h, U; c N+ pThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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! |2 o5 W8 o$ \0 k1 T& N1 yPrior 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 $320,000 home.( E: E" B9 ^9 }9 U W- \& ~
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First-time buyers, single-income earners take biggest hit with new mortgage rules
1 G7 j- r: f; y0 p8 F% x4 ICMHC to issue 1st 'red' warning on Canadian housing market8 B5 o% a% ?: ~1 R, i8 A
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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+ q) }# h5 f+ e3 ^"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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& |- N; {$ U O- m. l J6 Y- nWait and see what happens$ ]6 o: ~* D1 V- R/ I; ?( n2 E e
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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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"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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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.
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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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) D4 v: g$ |% [, `# ]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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