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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.% y9 p3 p8 {% D5 K, A0 O7 j
4 ]: ^2 w# u; c& sThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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. s8 \2 T3 Z/ nPrior 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 $320,000 home., T5 ?* Z! q6 @" {' u
: x1 _& s( O( pFirst-time buyers, single-income earners take biggest hit with new mortgage rules
8 [; B6 l. X. a) u' vCMHC to issue 1st 'red' warning on Canadian housing market. S: J1 p' ?. e* z7 n
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.9 P# Z# v/ @# N0 q, T3 T
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.! @% x$ O7 D( ~' }
! x/ p8 u, m) k$ ZWait 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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) j7 l3 l2 r4 J2 b1 H6 g+ ^) uThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.4 I7 L7 e5 r3 N$ w
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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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