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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.( V' |7 p. `8 t5 v1 W/ Q
! p% @" q8 P/ wThe 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules Y# w0 p: o/ J$ @+ {
CMHC to issue 1st 'red' warning on Canadian housing market
: V. A, ^- D( @, f) sMortgage 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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2 f7 B5 c3 t* N/ @. k! r: ^"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said." L% O& y/ z3 V3 y) {$ T
* T6 `0 X; @ o1 G8 K$ ^* F WWait and see what happens
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& }3 z$ P7 d1 ^9 F' K4 }8 vNatalie 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.. C" d6 [2 S2 n9 E& w0 _
" o e7 Q" R& i/ d- g"It could be advantageous for us to wait and just see what happens to the market in six months," she said.4 a+ o6 O5 Q; h' N
* D* N; S" q+ A8 O e }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./ t" O6 O! _9 }6 g. {
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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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( A; ], k. v5 X0 Y; X6 zKinch 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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