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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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' v( d, a8 H1 `4 q) @( [+ @0 N/ lThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.6 G4 q( A9 A. u5 t) t" i% d% R6 e
# R2 V3 Y0 h9 `+ X8 G9 s/ oPrior 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 $320,000 home.6 u" @) ]- C) n* S
) {7 ~" g$ X: FFirst-time buyers, single-income earners take biggest hit with new mortgage rules9 K+ a# \! p, X. W1 N% o# v X
CMHC to issue 1st 'red' warning on Canadian housing market+ E# j n: d2 M% T/ 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." Z* G; R1 Y5 F
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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.) Y. b4 P/ ~7 h+ Y" W. U
% z' G6 K! J) C' g$ O; @Wait and see what happens( o0 P1 T2 G6 P0 B; S
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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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+ _$ H" W8 A* F/ O1 ]! I- Z/ pThe 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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. G$ o* @- k# T1 j mKinch 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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