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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. ]& _. F) ?/ R# e F' } E% c
$ c( l3 U) l; ^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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules N! q: l1 I! k/ r& X
CMHC to issue 1st 'red' warning on Canadian housing market
8 S) {; g) a% b6 U: U7 WMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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" J. g5 g8 V8 Q( j; s"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens! a4 _6 l! p% T6 k" D/ ~
T% f& [, T! V4 iNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.! k6 D6 `- h5 t h& z: |$ x# r
0 F' q! {. R+ z0 n( r" }3 A9 dThe 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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) N$ _% [; z1 I- J! A"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 b" g0 F4 Q' L, g/ U/ I5 T) M
4 E( g t& l7 dKinch 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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