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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
0 K4 U# T3 c& uCMHC to issue 1st 'red' warning on Canadian housing market1 E; H0 ^2 d+ B% ~6 t. Y: N8 H9 Q: _
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.- x3 \) ]$ \. P* v
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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.6 n' X& u! |% z) P- H; U
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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.
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"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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6 b9 R) S% g& e6 @6 B2 HThe 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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. [8 R4 W' B8 \1 \"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.( u6 v* P, w; a' T0 U! N$ C- u" \9 G0 `
q3 u% u: M! f! x% ]6 F# I# qKinch 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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