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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.
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6 y) `/ N! {# H6 n9 E- G2 ?( _0 VThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down." R& a# R; q0 U p, l0 z
8 U2 }6 e" S9 p, g) aPrior 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 $320,000 home.6 y$ r2 K0 [& Q5 r8 U% P: }' c R2 N
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First-time buyers, single-income earners take biggest hit with new mortgage rules
+ | [. U/ c3 l% b# c3 [7 FCMHC to issue 1st 'red' warning on Canadian housing market
( g5 C1 K! M# r+ {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.- I% L9 ?. |* M' d5 R, |; C2 Q
: w+ C/ |. l3 q# AWait and see what happens4 E/ ?3 O5 h0 p: _9 h4 n
1 ~7 W" b$ I a9 A iNatalie 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.# _' W' P9 t' l# ?) C9 q
: z8 W9 ?" a8 q"It could be advantageous for us to wait and just see what happens to the market in six months," she said." J7 x, }. o4 L) \! v
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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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"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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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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