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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.7 s' p" X) N5 D$ |. s4 h( N
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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.
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/ _! b( Y J O; KPrior 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.% P# Z) w; P0 P6 C% p
" i7 u+ c; g7 KFirst-time buyers, single-income earners take biggest hit with new mortgage rules2 w! q" s) x. w( [
CMHC to issue 1st 'red' warning on Canadian housing market
4 |) {9 k; _- |. F: r5 w' `9 j u! \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.+ C, s" Q; e' o% I3 i
7 o( K& I. H/ E; E( c"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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; e/ x) Q! N5 _8 R, P* L! F3 l; vWait and see what happens& x7 n7 j( s: i- R4 C5 a- I
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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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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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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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' o: q1 r" C# h- a* }7 g' r, X"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.+ I! d; O3 a) c) |% _& p: Z
8 ~% z A5 C0 D* y. a9 qKinch 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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