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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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* F5 I- @/ I" z6 nThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down. R! J+ p) D0 y. q9 u* R* P
; ^2 n* C4 o* Y4 a) GPrior 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 $320,000 home.4 L! h- X% [- r( p
2 \! }! b- f# s! j, u: TFirst-time buyers, single-income earners take biggest hit with new mortgage rules0 x; d# s. W: K' ]# M, S
CMHC to issue 1st 'red' warning on Canadian housing market, Z, a( t: t2 b
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices./ E$ w, B! d! T# _
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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.+ ]7 @# z) m; w O3 m& D
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Wait and see what happens) t' l1 O' P: A" W* {0 r
+ O/ R& Q/ S! 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.0 N" E2 j* g, L
! D6 k: n6 E f# I6 V"It could be advantageous for us to wait and just see what happens to the market in six months," she said.# A! O: L- {2 N7 b
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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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K' n4 X3 k9 V5 d' X"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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