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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.5 e! e' J1 N) ~+ x5 t
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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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) M0 a' X. ?5 ^2 @$ p8 e5 @3 }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 $320,000 home.# w6 ]! b0 ^7 E) G. A/ h2 d
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First-time buyers, single-income earners take biggest hit with new mortgage rules5 j% W6 Q S, W5 M2 ]1 I+ d
CMHC to issue 1st 'red' warning on Canadian housing market
, G0 y( E/ b- `5 ^! R: iMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said., X: k/ q# C# x" B. E# Y1 N6 a
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Wait and see what happens
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold., k# q+ y, b% A# D
; N' i/ ~/ e$ B# l3 \" [; `"It could be advantageous for us to wait and just see what happens to the market in six months," she said.7 H+ v- S# K" I9 N2 g* P
2 T# b3 u+ h9 i$ ^ EThe 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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) w1 h3 _6 h8 g+ M* Z0 t"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 |, l: C6 y$ F3 T
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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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