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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 [ V- b% X3 a: Y8 m' z
( Y; Q5 e1 Y2 d# MThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.; S. |5 L7 {+ @4 [5 g6 D( H
, M8 { F" {. c1 _9 B, J# OPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
- p+ A5 S& [: R b" {CMHC to issue 1st 'red' warning on Canadian housing market
% Q* B( J5 x/ Y' }% _9 x# BMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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4 ]) ^$ ]+ E; p3 c"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.; j1 U2 V+ R: Q
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Wait and see what happens
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- {7 z; w; ` V, ^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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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.+ L6 X' E: {; T
: [7 g! O. t- q& d' ^# x3 _7 l/ AThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.7 s3 z) e/ r4 X
" q9 S/ \9 w J+ M+ J: Z"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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: P% v7 V1 @) |6 U" eKinch 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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