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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.' z7 C1 c5 n. Q& t& Y
y) l m5 Y* FThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.0 v7 A; x* n. H2 \# e; _
^4 d8 F8 X8 n4 X# T9 CPrior 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.9 }! W( _+ u7 E3 [9 w/ o' f
& J r. i3 n( a) ~& G+ l5 HFirst-time buyers, single-income earners take biggest hit with new mortgage rules6 C& |& v* d- E1 e
CMHC to issue 1st 'red' warning on Canadian housing market
$ q8 n+ f2 N4 f7 F) E# c% k# ^4 k( G5 q3 \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.& V$ Q/ ~. ] V. {
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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.$ E# G* k! @- e c+ [2 y9 l$ }- q
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Wait and see what happens) r, }! ~" Q7 `# g- y* G8 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.
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3 {2 e' w+ W4 l$ Y"It could be advantageous for us to wait and just see what happens to the market in six months," she said.- y, N6 ]% ]! s! Q* A
# {$ v3 ^) s/ m# O* M6 d1 lThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.' S9 `& ]2 W n O T
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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.1 ~, u: S; O# Q% _/ y
' L8 [$ }5 a. P" s' M0 r: @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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