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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 V: V! D9 [7 c8 n k5 y$ @
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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.- n a) I* O3 E5 t* p
s! I- Z4 @+ @5 s4 A8 l# 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
3 y7 w q! S" s) {$ `7 M# xCMHC to issue 1st 'red' warning on Canadian housing market O! f) t2 ~* A! _
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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) z/ x" c; J, ^( q2 H4 c"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) F! j* C- {( i% I: A5 f$ Y: n+ qWait 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.9 W/ Z; j4 b5 J q+ R, N. q
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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.& k* C5 O" Y( c3 u5 M7 ^0 k
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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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6 J! G* z- R* I- L1 A0 B8 `"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.$ i% |0 J* _3 w, O% U+ ~
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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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