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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.* V+ w3 Q% F5 g
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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.1 |/ h6 e1 @ Q2 ~$ v
; |: ^0 t) L! P' x! KPrior 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 $320,000 home.: G8 v7 m; R' ]" K; p+ j. v2 v
& @- `; A7 ?% @( r" ]6 @$ D) oFirst-time buyers, single-income earners take biggest hit with new mortgage rules, a! ~+ I' r# m2 h7 ]
CMHC to issue 1st 'red' warning on Canadian housing market7 c. `8 w$ K# T: a
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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}5 c* y1 P! b, S3 c"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 happens2 N0 l/ a- o7 h; @
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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.. b3 e( Y3 k5 {, _. T1 F0 S e
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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., K% T6 t1 B0 J- ^8 v- X/ N. V3 W
. |; o4 c5 N8 y5 n, Z0 t4 T' _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.
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+ M0 F0 F: z5 G"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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, j5 G$ H5 @5 J5 M/ ?; }6 @4 rKinch 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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