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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.3 Q) g' Q1 N' r9 o+ j" e8 e9 y5 J8 K# L
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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.9 ^5 i* @! J% a6 ]+ d
( @6 x$ P; G @* ~: f% y, X( c, x/ \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 $320,000 home.2 ?$ t2 p. t+ p) c5 }
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First-time buyers, single-income earners take biggest hit with new mortgage rules
/ U/ W5 k6 H; s# s ^# t* y" \ P: O0 wCMHC to issue 1st 'red' warning on Canadian housing market( S! ^' s' R% k- x- I+ B$ s
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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"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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. F5 R' ]. C7 i. ^# _' `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.4 }' K$ ]# s9 t j! b- b
~) ^" o# X% `"It could be advantageous for us to wait and just see what happens to the market in six months," she said.; a& m L) \' c, u5 C: S. b
$ F) @, L+ t' C. S9 S0 XThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.$ `) X; D0 `/ w6 e
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"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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