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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., c( Z$ e$ t$ A) m" ]% D1 b4 q
! a) F' y9 [1 ?7 y ^: tPrior 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 $320,000 home.5 e& T& M3 j# o
1 F* ~! y! [" f! @First-time buyers, single-income earners take biggest hit with new mortgage rules
9 m1 @! X! n7 J6 B$ H: t) WCMHC to issue 1st 'red' warning on Canadian housing market
0 U% |6 b: C/ F# {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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! |$ u: m0 }/ N# D3 P5 _ x$ ~"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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; W/ _# l/ t3 j# ~: TWait and see what happens
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+ W* i* j4 a: @# YNatalie 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.$ a$ y" ^% K" a6 j" B4 q2 ?5 h
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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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+ C. c% `4 v. v' A Q7 p [7 UThe 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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# P' m6 W; Y; }* Q9 y"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 R5 R) X; x2 V- @+ t5 X3 o
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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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