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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.! E, N/ |& Y g: c1 K J. P8 E
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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.* H" n4 ^% X" q9 f7 I
; `4 \3 U6 d" IPrior 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 $320,000 home.4 W8 F+ `: V0 M
) m* z! G' Z! F3 w9 u. ~) g; B; HFirst-time buyers, single-income earners take biggest hit with new mortgage rules4 K: f x I8 ]1 D( A
CMHC to issue 1st 'red' warning on Canadian housing market
4 E( U) G0 s6 S3 CMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.# U) Y+ X J. x8 L' `( }; f$ `
_, q# n: g$ b"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.2 C9 x" ~- k( c
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Wait and see what happens* o( N2 I5 s3 G3 L8 }
3 R g# q- M2 C& _1 U8 bNatalie 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.5 d% N( ~# h9 j, F3 t
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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.3 W _) ?% t& ]1 Y
4 Z, \2 @2 P9 R0 OThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.' U4 B) E1 N* p! r- }3 E
4 y( h1 m5 \/ 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.
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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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