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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.* g' u( _) T0 `0 O% b2 F
% \+ a) ^ s7 O8 {The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.: N; h4 k: Q$ A
3 L) f! K* [3 i+ n+ g* lPrior 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 $320,000 home.
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) T! B# ?: V& i( E* W1 N6 ^0 {First-time buyers, single-income earners take biggest hit with new mortgage rules
: }& d" U5 y6 b: eCMHC to issue 1st 'red' warning on Canadian housing market
/ m9 X9 u, M: x9 A2 x3 o. Z" hMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.! G0 H6 p$ y: e# O- r* e& Q n# V
, N0 D0 j# r z0 p8 MWait 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.
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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.- _- ^9 u. K) ~5 h7 V- U ?
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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.; h+ k8 i7 w+ _* L
, q+ D* H3 y- A! ~- X- N* xKinch 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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