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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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& I. E% w6 R( s& zThe 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 $320,000 home.# P2 o' p4 ^$ d# o5 Q
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First-time buyers, single-income earners take biggest hit with new mortgage rules8 M, Z& ^8 T8 y+ O, }( {, s
CMHC to issue 1st 'red' warning on Canadian housing market; n* _. v2 r' Z- b/ u2 }7 X! Q
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.( ]2 E( M5 d* }4 I& W
' B3 Y2 L0 H7 }& D" gWait and see what happens
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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.* c/ R# W7 J3 g3 _4 E6 S, Y4 w8 x
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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.
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: i2 j) Z f# [! E& wThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.& U$ T' Y. G5 E: \
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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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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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