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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.1 I2 y" s! e# c: m2 I+ l9 B
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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.+ ]# u5 a7 N( g9 c7 G
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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 $320,000 home.# m7 L) @7 d5 R: M: ^% s M# y
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First-time buyers, single-income earners take biggest hit with new mortgage rules: H, T: R+ ~$ l
CMHC to issue 1st 'red' warning on Canadian housing market5 L( V6 }# S* y, F4 O2 s
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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. y7 H9 O! m) ^7 S2 d; f# w6 N"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.9 l9 I* |5 B- T0 p4 ?; w
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Wait and see what happens
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- \1 U5 N: `/ V4 c- A b6 ~5 kNatalie 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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, |" h9 [/ u; u& @) f6 P# Q"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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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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+ ~+ G5 R, ?0 O- l6 @"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.! f4 S! Y* w% {, H, T" ^
: j( |: T& F: zKinch 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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