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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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( p' q5 S5 A1 w: ?+ |The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.: D; n+ ]' _# V% Z' p/ v2 ^( ]
, \) [ K, n1 }0 R1 m: r/ ~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 $320,000 home.8 W; F, b3 J& m# F, q; s0 _
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First-time buyers, single-income earners take biggest hit with new mortgage rules
3 ]& a9 U, F y3 [CMHC to issue 1st 'red' warning on Canadian housing market& O, M9 a0 D! F m; v/ L0 Y
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens
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$ D3 r: @" N. e5 c( D9 w* |3 gNatalie 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' r' w0 F; E8 o
( Q3 L# B Z" ~( L7 n+ c"It could be advantageous for us to wait and just see what happens to the market in six months," she said." K/ ?+ F! u& ^, y
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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.% {8 h Q5 l& p
, k1 K2 {% q6 }7 @& ?"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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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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