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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.! Z" h5 U* o( Y3 T' M( r) F |2 b
i f6 g- F1 a2 I8 M! cThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down., [ p+ K! [, E: _' S1 e
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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 $320,000 home.
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j* t/ m6 \. c$ r5 ~" z$ _First-time buyers, single-income earners take biggest hit with new mortgage rules
# N8 g1 A w7 x+ jCMHC to issue 1st 'red' warning on Canadian housing market
, |( O$ H' B1 a$ O" N" c4 VMortgage 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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7 S9 m( g, y6 f6 b: J"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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X, b( V ?/ g+ r& n5 LWait 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.' b1 B3 Y' _. \3 g" S5 [$ Y/ F2 l
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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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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.' X2 v4 l1 V/ j% x0 A3 z( {1 X
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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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