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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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7 f, E% b3 k: C* w; hThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.+ Y7 n% O9 m. c' Y( k" |, [
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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.
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First-time buyers, single-income earners take biggest hit with new mortgage rules' \( R% E9 v0 ~+ k& M- r
CMHC to issue 1st 'red' warning on Canadian housing market/ N3 a. Q" p( G' s- H
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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* C% _! w4 M& y4 o; L"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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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./ @( `# ?) V3 M4 }* ~- P
' v# M# t) X7 g; m"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.* a2 U E1 z6 ~6 g
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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.( j8 I& J) k! }) P% q; b# q! A
5 K# `' B! T' Q2 WKinch 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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