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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
2 J1 q& c3 ?5 c* rCMHC to issue 1st 'red' warning on Canadian housing market* C% [2 [: p0 |& a
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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( X0 t9 [# x; C; \: hWait and see what happens" c8 K; f7 b1 A" \! l3 O
8 P" L& L" @3 ^Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.- f9 g+ d. C. ?# W. T- O S; w
. T+ y1 v; b$ z4 I7 c( r"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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# M( y8 h. [/ k% C, m: z3 _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.$ n& @+ e/ U3 |9 K. W* ?6 E
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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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