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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.2 W& m8 o8 d4 O. a, K; q. N9 j5 E& P
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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& o9 w5 M+ _3 C5 p
CMHC to issue 1st 'red' warning on Canadian housing market1 _2 G+ ^4 V. c- a5 ?+ h1 c6 B
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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6 }; J1 I, Y9 q"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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. v0 a5 C- o" S n7 P5 w nWait and see what happens/ t/ J6 I% I3 P
% p; H" j! W" B( ~7 @: W( @" J9 }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.8 x/ s; Z: i9 n1 X% K
6 Q8 r% I+ g( A# [. P/ R/ z"It could be advantageous for us to wait and just see what happens to the market in six months," she said.: Y) Q7 C; a/ i( s+ [. g( u
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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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. \$ P( \. P" r# 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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( h0 m) G( O0 ~% v4 e# t, ]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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