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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.4 j- E# j8 b! w, U" X
4 e' s) c* ?) n/ d5 ~+ o; B. xThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down. W6 D$ }3 a7 _
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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 $320,000 home.% a1 z" `/ Q! q+ q
! G& v$ ~0 d2 Q6 W- M; j( FFirst-time buyers, single-income earners take biggest hit with new mortgage rules2 N# {% ?$ p" v
CMHC to issue 1st 'red' warning on Canadian housing market
/ f# w7 V$ l O2 M3 NMortgage 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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"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.0 F$ }% z" F6 N/ w" G- e
9 l- m$ v1 N+ p"It could be advantageous for us to wait and just see what happens to the market in six months," she said./ r; ]9 A) V( r% v( W
! s+ p# W) {; q* QThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto. P' Q3 y0 P* V. _- u0 [
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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.
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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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