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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.5 O0 P' v& V! I* B
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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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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 $320,000 home." N1 A2 h8 e$ f0 R z. }- @
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First-time buyers, single-income earners take biggest hit with new mortgage rules
9 P2 x4 w0 V) m/ c/ r1 sCMHC to issue 1st 'red' warning on Canadian housing market
5 J$ W9 W. J8 IMortgage 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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"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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6 I- M4 Y5 T, l' \( D' GWait and see what happens. W$ M' H* g- y- M' b7 w. o& Q
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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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6 P+ F d/ t# S2 X"It could be advantageous for us to wait and just see what happens to the market in six months," she said., K: P' k" o% k1 [8 U; N
, q6 P7 A+ ^9 u Z- O, X) {7 HThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.8 a( D3 l: S- a
, I* j3 L N d% P9 W2 |- s- E# i"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.8 d% Q$ ~ \# V& _) D
; l: i& w* c* ?% f" gKinch 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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