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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.: g$ }3 N( e3 j9 \4 s- c
# Q/ \3 U, [+ ]0 [2 SThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.3 m; M& D* Q2 T5 @. r& Y8 A" R
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
8 B2 [, ?% q. hCMHC to issue 1st 'red' warning on Canadian housing market) c4 d& d, |6 a# ]
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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. Q# l$ k/ S$ oWait and see what happens. D9 f+ v. |- \( V! z/ y' x
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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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# d2 w4 n0 a$ p) b"It could be advantageous for us to wait and just see what happens to the market in six months," she said.0 Z8 Z+ P& `# Y G Q- C
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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.* O- X; i1 r0 R$ r) d( H' {' {8 A
, p; m& y2 v3 K& Z"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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4 L, ?3 e1 f: \9 I2 FKinch 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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