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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.; x- N% S/ |/ v) `
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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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7 Q) E" b1 s4 @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 $320,000 home.
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6 z# E! I0 b7 ?2 iFirst-time buyers, single-income earners take biggest hit with new mortgage rules2 _1 m0 e6 @' f2 N) v0 @
CMHC to issue 1st 'red' warning on Canadian housing market
9 }1 h( G7 {7 b1 j5 Y0 FMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.* G$ O* O3 k4 C+ `5 z
7 l+ T4 S% Y) \6 g, k6 o' B- P) h8 I"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.* H4 c' n7 s5 S6 E+ z
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Wait and see what happens7 B' E% g" t8 g5 t: n
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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.
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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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- V$ K1 z7 F7 D) x4 @" C1 K/ C2 GThe 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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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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