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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.6 ^, P! B" j: @3 S, E, f
5 b* H$ k4 |3 |: p$ _8 YThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.* M) q/ v/ N4 o) ?+ a$ U* Y( g
, `. |7 m' w, SPrior 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 $320,000 home.( A! o v& A; B `
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First-time buyers, single-income earners take biggest hit with new mortgage rules
" F) X: h6 c5 DCMHC to issue 1st 'red' warning on Canadian housing market2 B( H" V. B% g$ q) N2 H+ \7 M. q) A7 S9 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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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.; H6 c' Z) A( A
$ L' D e6 \4 b8 B2 zWait and see what happens
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) k0 E. a X i7 \# s; fNatalie 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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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.# r& Q' ]9 {6 J( u5 S9 B6 W5 x: z
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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.
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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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: F7 C7 w7 q) R' \1 pKinch 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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