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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.0 u) I5 v- k4 l V
0 Y( } B* t3 n7 sThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.6 ]$ R6 S9 A. w1 O& {6 _& e/ K
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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 $320,000 home.
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4 p& M5 \" _# g: H1 M+ aFirst-time buyers, single-income earners take biggest hit with new mortgage rules1 t4 U4 r9 B8 l2 ^7 r0 u& [$ f
CMHC to issue 1st 'red' warning on Canadian housing market
. ?% \7 i2 s! o aMortgage 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., D* P, ~/ [$ L; d7 W- @' y
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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.3 k8 d& c- ^/ h
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Wait and see what happens
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0 i4 `/ {9 D$ `# MNatalie 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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4 I" Y! s: c+ b( y) L H) z" L/ a3 l"It could be advantageous for us to wait and just see what happens to the market in six months," she said.% S2 e3 e4 C) n1 _: j; T+ X+ a
3 [2 `. y) } bThe 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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6 y5 W5 s5 S- D `# b- o {, YKinch 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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