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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.4 \7 S7 s7 n7 X) |) O B# O
; K' D* N4 \5 m; A$ BThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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Prior 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 $320,000 home.3 h* |" G W' A
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First-time buyers, single-income earners take biggest hit with new mortgage rules2 F: ]% [: t. H& f# E; t
CMHC to issue 1st 'red' warning on Canadian housing market) t4 M. f$ A0 G/ u/ W
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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7 f+ R0 A: x( r- n/ X+ B0 ]. O& e"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said." ?4 y, p. ~6 d, P! U
6 t9 J D5 s0 m/ B4 l. w0 X) VWait and see what happens/ c. D# _/ c0 T6 q) f9 W0 \/ Z
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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.( T6 H' a, v. Z- [/ @5 g
* s+ j& G8 h! X"It could be advantageous for us to wait and just see what happens to the market in six months," she said.+ D, L/ E r% ^, r9 q
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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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| U8 ~8 [$ S: U7 t: Y) g% v"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.+ Z# n" o; i7 W. \" x- Q( s# F
o2 H1 L! M1 G b1 ?* C2 NKinch 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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