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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., c6 `) Q0 x9 M9 R& ? e. b
2 G" M8 c- k7 `% j& b0 bThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down." \# }, ]4 h' V
# l) v& ]1 B: ^; r% G* S2 dPrior 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 $320,000 home.% f3 T- l! L5 h
1 T* D8 e+ r V) U3 g( U3 }First-time buyers, single-income earners take biggest hit with new mortgage rules
# u" c3 ^" {) t N/ ^( k. T8 f; yCMHC to issue 1st 'red' warning on Canadian housing market
/ P) [( \" f9 MMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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# s6 W6 y6 \1 K"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens( I" c/ F" ^5 }( H$ B& a4 e
" ]9 }2 E1 Z1 T6 H }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.; E. E9 x& w( Z$ ~9 T* o
/ Z+ M" E; t0 l% t' Z7 u& zThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto. Z7 y+ p# E' ~! {! ~( k
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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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) j" F+ Z; b/ b; u1 L8 bKinch 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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