 鲜花( 14)  鸡蛋( 8)
|
A real estate expert believes the new mortgage rules that went into effect Monday will hit Alberta's market the hardest.
; o8 w. Q3 h5 V1 o7 b8 \- b% {1 X E2 _6 H
The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
( X3 s5 w! {* [" x# [6 I5 u/ O( K& M$ O
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 $320,000 home.
2 v" G( n7 {: A8 b
7 ^# \- l' S' c. W) [First-time buyers, single-income earners take biggest hit with new mortgage rules
u$ E. b, Q; Z2 a0 [& s0 }3 \CMHC to issue 1st 'red' warning on Canadian housing market
" L- m5 {7 b$ 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.
Y% D J0 X$ i/ m. ^ ^7 J2 p4 l5 m5 G% S8 W
"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.. \" I9 d: K( G- o$ f( v! ~
/ A# l9 @4 \7 N) |6 z: QWait and see what happens
* X% X. o9 f/ b, l! M( P+ m7 ]: v, K$ `/ B. p
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.
2 P$ H. Z; z" S; b
j' R% U4 O) p4 m"It could be advantageous for us to wait and just see what happens to the market in six months," she said.; H' T9 U# W8 ?0 |' y$ G
" w N$ {3 Q& B* U4 C1 @- ^
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.
6 k0 s+ d: d; ]+ R: L4 [! O
4 M j, I$ q# e! w W"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.
0 \% k7 G) z! a
1 l: w2 p1 @+ @ \4 dKinch 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. |
|