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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.) n2 L; s; i) O+ t, j3 t' ^
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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.! u4 w+ o( R# ` a
5 ]( S7 j5 @ U; c) p2 ^0 VPrior 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.6 ~& ~6 {* y8 X0 J6 \6 s# r4 Z2 B
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First-time buyers, single-income earners take biggest hit with new mortgage rules: \& i" Q7 ^! X
CMHC to issue 1st 'red' warning on Canadian housing market: B+ {& G) b) u3 x( r: ]
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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2 E: R" ?% y! s" [7 m"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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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.7 ` N& n9 _0 T. H
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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.9 {4 F7 q1 w; t/ f! P
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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.( u2 J J. A& N
# [, H, k, g# E" 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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8 G+ D5 j- y) w: }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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