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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.; h9 d# k' A. E& i9 L. a( g
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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.
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7 x. f, V4 Z# |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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
`4 _) N! M- u% j7 F! t8 ICMHC to issue 1st 'red' warning on Canadian housing market% H- ]' d* a3 f& E7 c6 ` M
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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' B6 X' }: {8 B1 j% @0 A+ O' U"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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8 ^0 {# @% e7 G, q3 UWait and see what happens a1 U$ n' i% z& l
) s' T* s- q# u; N" e" nNatalie 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.( G/ ]: @( d2 ~8 ^, f
3 P( C J7 R$ ?"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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7 n6 I5 [' b2 T, ]The 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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- ~$ \! ?( k* i( w7 E: J"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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( j% b" Z! A) @+ z* W! ]* gKinch 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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