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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.
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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 $320,000 home.8 b- E* B- L: P2 Z) ?3 ~
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First-time buyers, single-income earners take biggest hit with new mortgage rules
" a' l0 H/ k7 n# C6 pCMHC to issue 1st 'red' warning on Canadian housing market H5 u( b; N' Z l
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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7 g7 H* P H. A"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.4 y/ `1 g& j" r+ p! s' Y
) I! @2 o/ c+ n% m: G: K/ eWait and see what happens
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) V$ k1 u/ G3 L+ r" Y0 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 l0 v( x( d$ j& u/ g
5 H9 F" o3 y8 z/ M d! J! }1 k"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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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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"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.) c3 g* t3 a' B+ {, c9 ?# P( n/ C
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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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