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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.7 g n, }; l! J4 b v) A. d
* i8 f6 d- f3 ?, @The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules* R- o. E! O9 o# [8 J/ r% k
CMHC to issue 1st 'red' warning on Canadian housing market+ I7 V3 i, p& r/ x4 ^+ U
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said./ Q+ y6 l8 n. I' C* F6 z7 p
R1 E5 l# }7 [2 ^ p" `) G# i6 ]Wait and see what happens
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.) ~$ ~. {( ~7 O! F3 ?
- \& V9 y0 e8 ?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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( C2 I+ _3 W& _; |3 }"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.# f: V! w2 P! K# Q# E; Y
L: r9 g1 U4 C2 y. C; Q5 o- G. t$ ]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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