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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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' x$ n' B1 ^: aThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.8 Z7 Y( I8 T" ^. t! t
$ Y$ v2 S0 `& t8 ]6 l9 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules' E! V7 M/ a# ?7 o0 B8 k& b
CMHC to issue 1st 'red' warning on Canadian housing market$ b/ Q, h- }1 H4 c1 m# q. j
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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- O6 ^. J$ u4 b"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.# t! j+ P# u$ O, O
" v' {2 h5 e0 ^/ i+ I5 X4 |Wait and see what happens5 s3 ?5 ^! K: |! M( Z9 H
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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.: r- E- G0 f+ N4 y' {2 h
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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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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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; Y7 d8 y$ Y0 N7 i) @3 q7 `"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.1 P2 X' q m2 \$ k2 C4 ^ O: {
0 W+ f# |$ L% AKinch 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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