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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.
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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.% t* b/ _6 i/ B( ]
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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 $320,000 home.2 q8 W8 n1 W; J' M" q$ D+ _$ _. K
5 x& n- ~8 z, a7 G: q# K8 x2 qFirst-time buyers, single-income earners take biggest hit with new mortgage rules k* Q1 k* W- `( Y! O' G3 {) I i4 b
CMHC to issue 1st 'red' warning on Canadian housing market9 c3 j% z- K7 I7 X/ K' Q0 y/ ]4 l! {
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.6 } G/ t4 g, y! D& O0 {# x
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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.) `% x2 O2 x8 z' Q, z& m r( c+ r
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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.: o: B! F4 A: K o4 [) E6 W! c
6 A. Z. V& i! P; b7 x7 H"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.
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/ _ y6 [& k1 K/ V+ U* s% k+ Q"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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