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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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8 N1 W* O! L0 G8 F1 G4 w8 Y* z2 BThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.$ D; @! r% ?6 M, H+ J
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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 $320,000 home.
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" b6 d2 a8 T& U8 b1 v/ n1 o. iFirst-time buyers, single-income earners take biggest hit with new mortgage rules
8 V8 q( f, h; fCMHC to issue 1st 'red' warning on Canadian housing market
, P0 \0 z: R. \Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.+ k- d: u. q6 z% a; A3 H$ Z- ]7 E
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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.0 V& ^* c3 l7 V1 m( |9 i% l( ]. t8 [
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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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; N! x, r/ @; j& W( ]. T( [) O* w* cThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.5 m1 |) c, _9 o
- ]- q/ o) }' }"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.$ b5 Y6 ^$ d% v$ g9 y/ ~: M
8 ]& ^0 b* I' D7 e; kKinch 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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