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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.. ~8 i' r `9 R" t, q$ E
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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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& h* \; f4 M a+ i# E7 c3 ?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 $320,000 home.& I" l! h4 x6 T8 \+ `
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First-time buyers, single-income earners take biggest hit with new mortgage rules1 x# `* n* K* G/ \, n' d: t
CMHC to issue 1st 'red' warning on Canadian housing market% H# _( R) b3 p _% @( c
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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( g3 m, u( e- j0 O" j! w"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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" Q* l1 G" P# Q1 q$ X# @Wait and see what happens) s( B6 ~6 B3 B3 X- S+ |$ z. c7 r0 X
& n o5 D1 d SNatalie 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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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.8 x. F8 x8 l: E* B9 u% X( m5 ?
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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.
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$ [, S6 M8 E; `( q"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.+ [) y/ q& L1 S: U; J
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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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