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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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The 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 $320,000 home.
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7 z1 e0 @3 n8 Q1 r `First-time buyers, single-income earners take biggest hit with new mortgage rules! I- T8 J- [3 a% V5 I& |9 I' n
CMHC to issue 1st 'red' warning on Canadian housing market+ K y( h" f P
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices." Y/ b& v/ s. v7 v x# ]
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said./ ]- t/ ?6 p9 i6 v4 k- t, U
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Wait and see what happens' H3 ^/ ^: T! ~& M8 z- i/ R/ b/ Z2 l; {: i
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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! g7 h; ^$ L) }5 x4 T6 J* z4 h& ^"It could be advantageous for us to wait and just see what happens to the market in six months," she said.8 S3 `' V5 ?' ?' Y3 }, [
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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.- S4 k8 b/ X; k& V
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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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- L8 Q0 a/ u- [6 F& XKinch 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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