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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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3 f( ~9 ?: a4 O2 |The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.+ Q+ `9 p, k* b* C1 B
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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.3 M0 X4 q/ t9 y3 x" K8 `
+ R4 s/ n! G6 u1 V8 [First-time buyers, single-income earners take biggest hit with new mortgage rules
; j) P& {7 a4 ~' i4 f, FCMHC to issue 1st 'red' warning on Canadian housing market
P2 [' p4 a0 c* t0 r: VMortgage 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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. k- J% T8 d6 a% Z. e t"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.- B- y1 T: o8 X! U6 x
& k& p2 \* l2 E+ L" G* X4 @: jWait and see what happens
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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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) Y5 Q! ~% H& T2 I/ }1 ]. U"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. _5 N" o5 P @
% i6 M4 o2 a' D. F+ _' e& d# z; g! p"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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