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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.7 U1 P) d$ D# y0 _. c H5 L. m3 v
) n; N4 Z# S" k9 G" BThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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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 $320,000 home.
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9 j2 O% F% Z: g! jFirst-time buyers, single-income earners take biggest hit with new mortgage rules
, n# r) y8 u* gCMHC to issue 1st 'red' warning on Canadian housing market. y7 z9 Y/ ]) t2 f. J- @' o
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.2 O% z6 M) |4 i$ p: d
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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.
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Wait and see what happens
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; v& s. j$ _$ c4 a* |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., o2 t9 b3 c: q5 v- I
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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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+ c0 L1 q9 l- p) p- IThe 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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5 r6 q1 F0 H4 p h9 I% X"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.$ G% p# m# a, z: _& u& @9 d4 Q
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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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