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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./ ^2 w0 a% S4 b6 L% v, Q( D
) o, `0 a4 i9 C0 {' K3 a; X+ A4 KThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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) E. J y4 m6 A0 k$ }9 V+ pPrior 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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' H( ]* U4 i3 f9 w: B. M* P! fFirst-time buyers, single-income earners take biggest hit with new mortgage rules
# A+ B+ |1 Y* `7 S& Q4 \) a$ UCMHC to issue 1st 'red' warning on Canadian housing market
: \* g7 q! y+ z3 A; C3 KMortgage 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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+ R! M ^ d% z4 P( `2 }"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.- w# g: F; E) _5 u9 T( X) {
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Wait and see what happens
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$ q2 j B( `! p) ~+ \7 r6 B4 p/ n ~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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, J u/ _9 d# A( j"It could be advantageous for us to wait and just see what happens to the market in six months," she said.1 ~; U1 X3 ]& S- g. d; m! @5 D
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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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5 r, y9 d, p ^$ R- D X# G5 w"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.7 S) F, K, b; n& U
5 ], s" u* T6 a- }6 e/ p2 RKinch 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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