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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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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.4 \* y! f4 \+ @. M; p) |2 \. A" O
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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 $320,000 home.( T5 X! U7 M9 a" u
8 {: f$ K8 G# U: K& OFirst-time buyers, single-income earners take biggest hit with new mortgage rules4 ?- w2 M( S! @7 d: K$ a
CMHC to issue 1st 'red' warning on Canadian housing market* `# q6 |' S: q) n: t( L
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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_+ @; I2 F& O, S2 E, F( v"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.' U {4 k2 i$ [
) z5 K* t" s/ w1 Z0 s+ Y! kWait and see what happens
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5 l9 E+ n, s: _4 Y: X$ M" F5 zNatalie 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.% D6 d; L: Q4 P9 K. ?4 W4 f
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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.1 G2 _3 [; N8 T% |! `" ~
2 K) q$ v, J& V% h3 @3 V$ KThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.! I& g+ S/ N. Y' c8 a* T( j
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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.
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( H; {9 L5 S% l; r( _( Q# ~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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