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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.4 h, K6 N W, I. a/ [
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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.
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& \: N: m1 `2 n O/ uPrior 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 $320,000 home.: a j- ^" N. N$ F" V2 G N& {
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First-time buyers, single-income earners take biggest hit with new mortgage rules/ [' X9 U8 h2 G" p! W
CMHC to issue 1st 'red' warning on Canadian housing market/ C% p: L9 \$ i0 I" Y6 {$ w
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.# H2 D) {( ^( p
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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( U8 J) `. a9 f. I$ f
! X2 l" j* z0 a1 G l& K/ LNatalie 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.' |+ A$ N9 A. J# n' _% d. Y
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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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, r; R' g! f. }$ f" s) jThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.- ]% h& ?. g k& W6 _
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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.' ^4 _# @ X" n0 k% b; g5 U2 r
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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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