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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.
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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.5 w4 _* ^9 |3 k1 G: q- ~9 W! d
- I% o/ p+ ^/ O7 Z( D* ZPrior 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 $320,000 home.
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/ e8 g& G; ~, R% t- f% oFirst-time buyers, single-income earners take biggest hit with new mortgage rules( {" P0 @( E; E5 f
CMHC to issue 1st 'red' warning on Canadian housing market
' i S! i7 s+ M3 l" X; G( eMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.7 s) d+ r' X* Q1 ]
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Wait and see what happens: Z0 H% O0 }% p$ N% q. m) V
* H7 k) }& c1 Q2 a1 d* ENatalie 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.! K) [ ]4 ]+ P+ q, [0 q2 A
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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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"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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