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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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' m9 J; Q! M; [; F% lThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down. `. G0 e$ k1 B0 t3 y! i% M
" S1 Y3 `( Z. K" ]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 $320,000 home.! ]( U1 R/ A' t9 L) c
) t6 v, ]8 _7 z$ g) {+ ^First-time buyers, single-income earners take biggest hit with new mortgage rules
( r4 ]7 v8 d x! h) |# BCMHC to issue 1st 'red' warning on Canadian housing market3 A3 ?& |7 K+ g {& l& p4 c
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.
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2 [& S4 P! b v+ w. F* DWait and see what happens
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3 p1 x7 S5 f7 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.3 U |: d, X, L& E( b, E
H* x" o- ^; M \6 Z$ Y. n"It could be advantageous for us to wait and just see what happens to the market in six months," she said.$ o% \, z+ Z6 m0 G
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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. n8 b- ^+ P0 ] d( S# s5 T3 G
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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.) P& R0 ] |7 u+ W- a. D* `
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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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