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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.' C' B1 v K: I: l4 v
1 n, w! C5 o$ b( ?- H5 pThe 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 $320,000 home.& w; j" d6 G7 W5 ~$ P1 c8 {
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First-time buyers, single-income earners take biggest hit with new mortgage rules0 B0 ~0 Z2 i8 c0 f) P
CMHC to issue 1st 'red' warning on Canadian housing market/ e) _8 d3 E) X6 w" D1 k
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.& J# C! A, f# t2 \$ X6 P' j
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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.. D: P- u' R) n8 K" M8 m
1 L7 c) ]: {. G. O6 YWait and see what happens
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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.5 X1 y. l* i# @) N: O
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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.4 ^( E0 ]' P: S5 q/ @' w5 A
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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 a1 q, ]4 d% m! e# x
) p4 w8 o7 g5 o% q: K"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.$ {; ^& Q/ X f( y" j
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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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