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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.6 M" |6 ~+ ^+ q% K
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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.
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% a- j& N% J1 d' i0 G4 }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.+ Q# @1 e. R/ M% o9 c% j
* l9 ^9 {+ P0 \: E; gFirst-time buyers, single-income earners take biggest hit with new mortgage rules9 v% F1 z* c H2 ~( }
CMHC to issue 1st 'red' warning on Canadian housing market
5 u( z) S3 T1 N9 cMortgage 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.1 b+ P( d. ?5 B! U0 d' F, ?, j- v
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Wait and see what happens
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) q1 Y+ W. X( ]( u0 Y6 ONatalie 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.1 |" V9 [* J% I1 V1 v4 b
8 b4 G& e/ c* g' m; j8 y"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.9 W' ~6 s+ M' E* R- @7 l0 I
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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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5 s% Q+ K3 k7 z! W2 Q7 v2 pKinch 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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