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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.% Q; W1 a: Z1 B+ r1 A
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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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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 $320,000 home.
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4 c2 e% S, L" ]' e- |# RFirst-time buyers, single-income earners take biggest hit with new mortgage rules
' f% R, w/ M$ n, z6 qCMHC to issue 1st 'red' warning on Canadian housing market" k. K9 t& F, x/ t5 I
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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) |5 P' p; b# l1 `: a$ A' g1 y% m"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.6 @/ `4 U2 e; `2 { |
/ j% l% E% v; m: N# S* pWait and see what happens+ ]- m% ]/ W# h7 W. x
1 b( E: O% G( m R, zNatalie 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." l# l) g) @0 m4 k* _9 e" V; f
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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.; I5 v4 c3 t2 o8 E6 s
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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.) G4 S2 }4 j$ @ _6 o* Q
0 _+ Q2 B) G0 `8 r"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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