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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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( N# d/ d7 l |3 J' RThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.; t* @# o2 X* O; K1 a% t
$ @7 A( x1 Q5 QPrior 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 $320,000 home.0 {1 l0 v7 [7 l0 E1 o& v
5 \. v* Z a6 wFirst-time buyers, single-income earners take biggest hit with new mortgage rules8 y& Q7 r9 W# ~) C: U$ A) q$ p
CMHC to issue 1st 'red' warning on Canadian housing market
( C% l# j. \4 T1 Z' D; PMortgage 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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! k' V3 y0 ?: I1 ?4 ^8 p! y"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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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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1 A7 F2 N8 B: g- ^% O: V"It could be advantageous for us to wait and just see what happens to the market in six months," she said.. d6 s! q: } g& D$ c5 P
4 b2 L" h8 A- r9 y" L$ e; aThe 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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1 ?' @: |+ c0 }) KKinch 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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