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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.1 |% Y" F3 Z8 Y" ], k
8 U$ g' n8 s+ K+ Z+ q6 U* F6 U- F2 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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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 $320,000 home.) f# @/ v: N0 m c
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First-time buyers, single-income earners take biggest hit with new mortgage rules
, w& N8 \& p3 v- U4 OCMHC to issue 1st 'red' warning on Canadian housing market2 i6 ? K4 s. Y) I4 d( u' u
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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( B3 ]% a% Y S: q"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.6 r2 r/ Z( }6 j
) ?* ^' G- Z, `"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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* e: Q4 L* n- lThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.* r s5 n( r4 x3 W: r1 g- S& [
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"These factors will be reflected in our forthcoming Housing Market Assessment on Oct. 26. They will cause us to issue our first "red" warning for the Canadian housing market as a whole," CEO Evan Siddall wrote in a Globe and Mail column.1 R E# S6 c8 e$ O( _
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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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