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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.# ~6 G+ l) M' J2 C6 K' E
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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.3 c |- C6 d w# A6 ^1 e5 ~
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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 $320,000 home.
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- R) }% L' k" k- E6 W& ?First-time buyers, single-income earners take biggest hit with new mortgage rules
/ Y ~1 ~' |3 C& M; uCMHC to issue 1st 'red' warning on Canadian housing market
& f9 Z, _: e' z) Z# @" o+ g" CMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices. |& N* u) B" G1 o# z5 R9 o
5 K6 \# Q8 p- g"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.0 b3 p% L# v/ I
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Wait and see what happens* a! j2 R3 X( o/ E C$ E/ h5 Q3 f
/ q. Y# P# J; z0 t, x9 PNatalie 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.+ |: C6 ?$ g: g( C R- C
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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.
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* l) ]$ {7 |4 W; k! lThe 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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