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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.- F6 [" H% @1 b& y# C1 Y8 F
* c0 ?4 V' F8 }% t* B) i* XThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.2 d( y' _1 T8 l7 L$ ]& F
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules( C& I; a- V8 J: ^ K; u2 _% b* a; W$ W
CMHC to issue 1st 'red' warning on Canadian housing market
4 [ {: \( ^; L P4 sMortgage 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.+ o, d0 I2 U% b4 D: S8 D+ q
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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.: q* h m) G+ m' `" j. G
7 C: I6 T8 I' Q' V* c, ~. ^' tWait and see what happens) n: U4 p- B& \: v2 H4 H
; _+ a) V# n0 L4 b/ L+ x' {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." n5 _6 I4 F. k" [( |, \8 u
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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.' m1 [0 o0 P V! q
. ]! a8 G5 K& j# n$ J7 Z; U J. AThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.* j" T4 K( R% n& j5 O" S c
! S5 E! f7 z5 {; |"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.7 V& J4 e T1 g$ T( l
4 {9 w4 G O" j- O) Y0 @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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