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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.
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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 $320,000 home.; s& r4 F* {2 g' s
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First-time buyers, single-income earners take biggest hit with new mortgage rules
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Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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" f% B {+ v$ R% F# z1 m" u"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.% _4 \; W% a: X0 j' R
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Wait 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.7 m9 f) T1 e; i+ T' f
- z/ F: y: h4 s- B! g"It could be advantageous for us to wait and just see what happens to the market in six months," she said.+ p8 q8 E) q. J I5 X
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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.( U0 O$ p' q" i0 c
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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.5 I4 \8 }5 c0 H# O. H1 [
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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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