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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.$ `" L* X5 x' F1 Z* o1 I" U+ k
. \* i; D6 Y$ L% E; _ VThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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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 $320,000 home.' c b S, g# e& Z7 B3 Y$ @
$ X- L: p+ |- w' a4 j3 r2 H& HFirst-time buyers, single-income earners take biggest hit with new mortgage rules
4 z1 |0 O; z% H8 J' D! J; bCMHC to issue 1st 'red' warning on Canadian housing market
" o A2 ~! I8 O% cMortgage 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* R+ P& q1 L% k
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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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( l5 g/ W3 ^9 o6 K1 `Wait and see what happens( {) E; D3 ]6 J0 [! H: P
% e6 V* D$ u' Z% t- f( fNatalie 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.# [' _. D" J r+ G: K* j: o6 k
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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.8 r# N6 u* t7 `; K' S; P" U+ w
5 f/ x( t5 }, Z$ k- _ j2 W"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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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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