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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 d9 _% s5 l6 F2 A5 b+ K
5 W5 s7 J' j( s# ~: d$ h8 Q; bThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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2 d5 p- T& b. H1 [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 $320,000 home.
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5 U, }9 _/ ]2 i4 M' }4 f: R \First-time buyers, single-income earners take biggest hit with new mortgage rules. s" `; O; q8 i5 l# i6 G
CMHC to issue 1st 'red' warning on Canadian housing market
& n c8 r; R4 u$ VMortgage 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.* C+ M; N" q# d, M
& G. f4 @+ ], R; R* n7 O"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said./ B1 W' o0 ]. F. q( [
7 |9 U4 n; }8 A1 n1 [) zWait and see what happens
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, K5 C7 E$ k. h9 }0 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.- Z% u4 t( X4 p( ?3 A+ a& m) x+ R
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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 Y5 }5 ^3 p: Q, `! ]& a. P
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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.
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+ V0 ]) H T& `"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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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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