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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.7 U: K8 F; D' f
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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.4 g0 k* A2 I: C" J8 Q9 x1 V, t4 J# @
7 z) T2 V# j. n( N$ \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 $320,000 home.( ]% a+ G$ ^6 A: g8 ~ _. s
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First-time buyers, single-income earners take biggest hit with new mortgage rules
( G2 F9 f' i. T7 HCMHC to issue 1st 'red' warning on Canadian housing market
0 T/ H- D! ]/ m$ I" aMortgage 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./ j: i- Q% ?7 a
% I% l" P" y% e7 h" d"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said. R' m% O' u9 i2 E: n
8 ?5 T; [3 B5 m/ O2 ^8 fWait and see what happens* L* U( e4 C& {+ r& q; u/ T
, B6 k3 o% Z) Z6 n0 Z D# D$ ENatalie 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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$ _+ }7 B' Q" p" L, P4 L"It could be advantageous for us to wait and just see what happens to the market in six months," she said./ k/ a# l+ N8 ?. P m% \
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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.
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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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