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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.+ d( S) \) A# a7 A) [- x
) G- C; V8 P8 S# b4 XThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.3 b l1 j* y# D+ ?, d# k8 e2 ]
. q: w6 y# }* \/ ?: I/ m- TPrior 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 $320,000 home.# K4 P+ M c# J S, n
0 W! m+ P5 E" [1 iFirst-time buyers, single-income earners take biggest hit with new mortgage rules
2 h0 w% k6 G9 c4 c2 aCMHC to issue 1st 'red' warning on Canadian housing market
2 M) K' m4 q% z& |Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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$ _& P3 r. {; P"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said." M! R9 V3 x' \8 S7 I
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Wait and see what happens! J- p; n4 S- @/ J
5 Y3 H7 g" I& lNatalie 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.
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, k [; g3 M# I3 K2 y& x3 ?. WThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.' h/ s9 `2 Z$ T+ B( m5 F+ ?6 |
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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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