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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 \1 c$ Q1 }0 gThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.; c% K2 n, i/ k% R! g1 Q [0 b# Z1 @4 i
: }; Y# N% d6 `* O! @$ m! WPrior 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 $320,000 home.
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/ h5 n N$ X9 Z" Y8 vFirst-time buyers, single-income earners take biggest hit with new mortgage rules$ D4 f4 S+ b) F. T( c& Q
CMHC to issue 1st 'red' warning on Canadian housing market# _/ d. A, E% @( k0 ], 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.% e D/ C" m) |& }' I8 P
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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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Wait and see what happens
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3 ~: l9 D7 I; W8 j$ c8 t$ X* s+ f, V; \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.! H! \& @7 i2 ~, f1 c: ?
8 {9 y+ x+ H' O1 V! W: ?% uThe 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.2 o8 {% w, D( T& i+ A0 i
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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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