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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.$ ^8 e$ x- w1 M
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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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. s/ r0 J' F! P C" nPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
7 @$ {: k/ ~; ?4 J! N" d# TCMHC to issue 1st 'red' warning on Canadian housing market6 g( ~5 |7 ^$ A, T5 _) Y) A
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.
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% _" I! s& r# ~! q! q4 g1 w7 _"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.# e4 i5 \$ Q% C# b- }
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Wait and see what happens, N) a1 m2 l1 c; y& k
4 c" O* j* y$ R2 M+ ]* f8 jNatalie 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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) ^. S3 w: f) t. ]8 R"It could be advantageous for us to wait and just see what happens to the market in six months," she said.8 f- L9 Y' H/ ?0 Q& e& u4 f
8 j7 F5 Q. _9 gThe 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.: v2 C5 G9 t9 _/ p
) M# w. B0 `, F; oKinch 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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