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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.: D$ k( b+ U/ ], A- b
2 c* U( N0 S. c6 lThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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S( i* ~. \5 \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 $320,000 home.. Q$ l/ \5 C& C8 Y. z( ?8 r/ c, |3 e
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First-time buyers, single-income earners take biggest hit with new mortgage rules5 {2 j- q+ l6 y2 e% y% H9 B8 e
CMHC to issue 1st 'red' warning on Canadian housing market
$ f7 F) |) h4 Z1 w; J, f3 V9 ~+ XMortgage 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
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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.. y) I* ]4 B" N4 B/ j4 v+ \. C. T7 B
# I. z: e* \5 U8 y9 L; P c( Y+ R"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.' G) y. k+ k$ n. J
( b1 {$ I& J& S5 H# 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.: \; c" A" u7 u1 t0 }
, x( r* \0 U Q# LKinch 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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