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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.4 s+ p$ K& L/ o' ]
$ @& D6 h& Y. i( C5 yPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
- x# x/ Z) }' O( V' t9 m# f. UCMHC to issue 1st 'red' warning on Canadian housing market0 M7 v$ K0 ]/ `) W% U) w2 e
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.
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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.1 i8 |) U) r1 J6 i& G H% N
# d& E0 g9 X0 _' b- x. v8 p Q2 fWait and see what happens$ i4 d6 t1 l% K/ S v7 I. {
/ D W, C; `7 U( b" E5 ?3 LNatalie 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.8 t2 ?/ L& z0 H! d( Q5 W
0 i) q; v3 q" f"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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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.7 A2 s- m: X _; R: b6 m) p
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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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