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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., s y# x% Q& k. L5 e3 T5 g
! A% R3 p7 V# Y3 t- B: SThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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" A- b# o2 H" f- SPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules# I( _5 I, k& Y. m! S
CMHC to issue 1st 'red' warning on Canadian housing market
1 ]" v3 |7 H& p& R% M" P d8 ~Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens* Q) h+ R/ o( a2 ^* X
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.2 k$ X' y6 d0 g) \5 [# Q8 {
7 G. K' W; y9 S$ P"It could be advantageous for us to wait and just see what happens to the market in six months," she said.# I) c( V; {. M$ |* d9 @' M- j
0 o% Y) P4 G3 p }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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"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.: c4 L" e, W1 C3 ~
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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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