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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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7 w& n* Y! K0 [0 f: J2 [- XThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.4 _8 y u7 N |8 Q' @% z
1 K- q( I6 r% z2 G4 bPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules# M' R5 m$ Q$ ^
CMHC to issue 1st 'red' warning on Canadian housing market
9 ]+ [" ~" s1 T7 \7 O2 N! sMortgage 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.1 K/ z0 _. w) @/ I, m
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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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k8 w- J9 l( X7 ?9 W9 Z1 @Wait and see what happens
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% t4 E7 a9 H; QNatalie 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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8 } J+ o# d4 K"It could be advantageous for us to wait and just see what happens to the market in six months," she said.6 R) e! a" s- F2 L
7 C" H |' b* X( U6 K' a1 W. _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 i: `- A2 ] _7 \/ `
' x) J% j. I0 }. y8 o8 H"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.' Z. s/ U, s" i- k2 d* Y1 o. n0 L
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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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