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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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3 D( t+ K* K9 q4 o9 ` uThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.7 x7 |# l' l/ N! H# O' i
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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 $320,000 home.4 A1 L+ y3 w8 f# ^6 \9 P
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First-time buyers, single-income earners take biggest hit with new mortgage rules6 T! n, h3 B: K5 u$ U
CMHC to issue 1st 'red' warning on Canadian housing market/ e- d" r+ r8 g
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./ p/ y3 Q# ^0 _; W& C; l* ^7 O5 |
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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.. o k7 e/ W. l; N& _' r9 h
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Wait 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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/ P+ i3 a& N# w7 D"It could be advantageous for us to wait and just see what happens to the market in six months," she said.% ^8 k6 Y5 Q. f- g
# p) Z6 |' C$ ]( y7 U ?; vThe 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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; [/ }8 w! R9 k5 t; `+ 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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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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