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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.% ^+ B/ g0 b* b1 s q' W4 `- `; [
: i& Y4 D5 I5 W: W% s6 fThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down." {6 L" f, d0 Z% w% G# y
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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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* ?6 _) g3 R3 o6 {First-time buyers, single-income earners take biggest hit with new mortgage rules
* b9 D/ q5 f( h0 ^0 G/ I# ]CMHC to issue 1st 'red' warning on Canadian housing market
, S o6 g/ |/ B NMortgage 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.
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Wait and see what happens& y/ i9 K2 ^3 O4 o5 ^
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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.4 u' A6 s v1 j5 T9 U8 j) H
, Q0 F3 n! {% u; j) S5 ["It could be advantageous for us to wait and just see what happens to the market in six months," she said.; t: _" \8 M" O7 _4 y' v
0 X! T* n; S }5 g! {: G2 P) B0 rThe 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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"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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