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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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* h: H; {$ p$ m- w8 P$ H4 ]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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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 $320,000 home.: a$ T0 `' \8 n
6 c& o, V, d8 c# r6 c5 H3 I4 ?First-time buyers, single-income earners take biggest hit with new mortgage rules7 V1 a! }+ Z0 L9 E; ]0 O: x) Q. V$ E& p; E
CMHC to issue 1st 'red' warning on Canadian housing market
W1 Q; x# r8 _1 eMortgage 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./ p7 j" o/ h+ w$ ?- ]
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"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+ U9 d5 P! x4 r3 Y5 t' c' O( e! }
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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.4 b& e4 G+ \# Y9 b' Z. C+ W* @
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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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3 x3 D8 c& W# t5 L W( O; W ?0 O+ |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.4 v1 }' A: V/ p
9 X' r1 E# G7 D. v/ t"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.5 y; W) |3 j6 {+ o# R$ D3 z$ p
# ]# ^% o% R" H' iKinch 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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