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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.: c8 ?( a# A6 l, h
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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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6 v) \( V, }6 z, P) p/ N( ePrior 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 $320,000 home.2 }8 L3 ^7 L+ ?! Q0 N
, C' G7 A% k1 B5 N+ |5 nFirst-time buyers, single-income earners take biggest hit with new mortgage rules( i2 ]9 S6 [( T9 |' Q6 U( h
CMHC to issue 1st 'red' warning on Canadian housing market
, F* K9 J6 A$ g% Z6 Z7 m, b: @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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9 z! q+ S2 f6 p* @"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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8 w5 Y3 p, H# }. t" D4 y/ AWait and see what happens
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% q5 i! V& n+ r& f3 {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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2 N9 R- \. Y6 R1 N"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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' S8 \5 K+ F- U6 V0 eThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.( {% u A$ L* h! b. K! o6 ]
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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 ^- G4 |* h* Z' @4 cKinch 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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