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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./ K0 F2 M- `6 J' W
* q7 o3 \( k- i7 Z4 u: hThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.5 a1 ~' P, Q4 ?
0 _4 t( m: m, K9 U' aPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules+ q ]+ m5 J6 |- }
CMHC to issue 1st 'red' warning on Canadian housing market
) S& b' F( z0 {7 [( P: JMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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5 M; d( f& R( G+ o) Z& } VWait and see what happens% G: G8 Y3 f2 S
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.$ {; ^# N0 b" G+ ]' ]0 }
# h; J" [$ B0 K/ m/ L! u"It could be advantageous for us to wait and just see what happens to the market in six months," she said.5 }5 b7 p1 L" [1 p: N# v
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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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"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. M+ A4 Y" m1 i7 W, p& I) G# u$ s/ L
# S2 n% Y* Z& e" 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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