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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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5 z) [% q+ I+ U+ V% p3 D2 V+ w6 [The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.8 b1 [9 V' _. n1 A. ]: o3 G( p
6 a( Q) l; @2 o" Y# _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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules; t8 d3 v$ x0 N. J% C" a# `) j
CMHC to issue 1st 'red' warning on Canadian housing market$ v1 K3 {/ z! ^
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.; c" r( ^7 H, C$ P# X
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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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, \0 ^7 l" ]& z9 h2 ^& IWait and see what happens. m8 a+ e: s9 R$ j7 C& M
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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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1 A) ?0 z8 u0 J s+ r8 E( c( n3 u! }"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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1 n* ?; v) B. L8 }* x0 ^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.( U' Q' ~& q# N7 a
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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.. g6 S( {/ y& n, g
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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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