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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.2 ]% h. U- \6 ~" k
' _7 m0 _# k0 V7 B( f# kThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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% r4 D' _4 j; ^6 O: GPrior 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 $320,000 home.# I1 q/ k7 Y! O) l+ g9 [, Z
% L4 u0 Q# b- T7 h% JFirst-time buyers, single-income earners take biggest hit with new mortgage rules% o/ _+ Z- Z7 G
CMHC to issue 1st 'red' warning on Canadian housing market
& Z; w6 |! p7 W& D tMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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, a3 @2 a+ o U"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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4 H* a$ N2 S7 F P, ]7 c"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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, S5 c" \0 [& t: A7 S$ ?) YThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto., A' ^( E3 E6 U3 d( y
, p2 p6 G! l& R0 ^4 I% w"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 k/ } `- d- q6 {0 ^) uKinch 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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