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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.3 v) [1 T- B5 H& u& k( t. d+ Y
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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.; d+ a0 E% _2 ?$ X
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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 $320,000 home.
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% I. T2 ^; m5 l* V1 W; ZFirst-time buyers, single-income earners take biggest hit with new mortgage rules( Q2 U5 Q( _4 H; v x2 k
CMHC to issue 1st 'red' warning on Canadian housing market
( i2 ], ^8 _" Z, RMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.% f2 K& D3 Z# w
% ~+ z1 H1 I8 H- D' w. w"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens
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8 l' {4 O7 O7 g6 t2 HNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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o2 V. L5 ]0 H"It could be advantageous for us to wait and just see what happens to the market in six months," she said.9 B$ q8 m* k, e3 @4 g
8 l" K$ ?5 U% {9 c: WThe 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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"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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$ b" k9 u1 x5 d+ m2 qKinch 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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