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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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- P' {2 P! C0 X( @& ^: L9 V. B0 DThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.. W, M6 S, o. h: b# i, h1 V. ?
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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.6 R3 i% b6 \/ n' q+ A) t4 i8 R
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First-time buyers, single-income earners take biggest hit with new mortgage rules
: f" r6 ~6 B. _, q7 a' p, W nCMHC to issue 1st 'red' warning on Canadian housing market
5 h2 I( _' Y* hMortgage 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./ u# t- H! p- 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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, y5 Z+ k# {! ^' y7 ]Wait and see what happens
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; _1 g( w0 G4 R& Q" `+ t4 i/ |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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" m D( j6 G% W"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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) Q5 M! Q. _8 M% ]1 [( WThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.# p9 S4 }7 d4 K* b
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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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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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