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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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& c5 }4 n, z, C' o8 }" \' b- z+ ~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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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules0 ~: ~. C# O" [5 [* r
CMHC to issue 1st 'red' warning on Canadian housing market
+ @5 [, H7 Z8 ^: O T' vMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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0 @7 g; A5 [, F1 |) \9 r+ Z) Z"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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0 p I# R5 I7 s7 F* mWait and see what happens+ r0 o/ O( x' y
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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/ w0 n7 P7 Q! f2 H"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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The Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.4 y9 \+ O, b* q7 P* v% V3 c
' n8 S3 y8 b- p) Q"These factors will be reflected in our forthcoming Housing Market Assessment on Oct. 26. They will cause us to issue our first "red" warning for the Canadian housing market as a whole," CEO Evan Siddall wrote in a Globe and Mail column.
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$ R8 [4 P g! zKinch 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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