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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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$ h1 @) \' {* h1 n4 Z. iThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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& a# u$ o* Z( m$ mPrior 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 $320,000 home.) N L' |) \5 m: K
( b# o$ [6 C0 b/ n2 W$ Y! q' ?. hFirst-time buyers, single-income earners take biggest hit with new mortgage rules [7 j7 ], k/ R7 x
CMHC to issue 1st 'red' warning on Canadian housing market/ y( Q" K w8 M* Y1 h6 F
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.+ @! p+ A K2 Z/ A. A
% {( l% } W- s) g"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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" l; N' O9 m o4 k5 @1 jWait and see what happens
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: j# z3 F7 |1 l4 w6 J1 `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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2 m8 \" r6 x& m: J( v z2 eThe 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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% A* n* J' j: N i2 W( f# p"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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