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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.( F+ h: R7 r: \& n" N2 q3 F& t
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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.
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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 $320,000 home. x' h1 h9 }! B" ]! m4 ?( D
: U5 f" ?3 w7 p; C) w/ s5 BFirst-time buyers, single-income earners take biggest hit with new mortgage rules+ t. @. `6 [- W, p- H* t1 o
CMHC to issue 1st 'red' warning on Canadian housing market
5 f2 y# p! {. LMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.* h- W' p ]; t# f: Z7 |7 ?
% q8 @$ ?$ e: l' e1 u"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.) a% `& u0 C. V" _( F
d6 x7 [$ R' z7 FWait and see what happens5 c! p# k1 t# e1 l$ \4 s! @
3 I1 z* A6 K4 m' h# [; t; l, aNatalie 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 i' c% ?2 Y3 J% a
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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./ ?7 _& S1 ^2 `0 D" e
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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.% n1 F% H/ \- s# Z" A- j: W
8 {8 a2 V/ w# V( `) {2 L4 y9 Q"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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3 S1 o4 s- m, d% ~7 [* \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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