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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.1 E2 `% M( |$ ~, I5 A
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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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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 $320,000 home.1 H4 W& E0 T1 k7 m5 |
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First-time buyers, single-income earners take biggest hit with new mortgage rules
& W; c k% T4 P( X9 J, s$ {/ A( bCMHC to issue 1st 'red' warning on Canadian housing market
+ V6 l: b7 h' a! x4 `7 H$ wMortgage 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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! }, D. m6 ^! ~0 H$ v; b" }7 P/ ]7 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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! z7 r7 M9 G2 |$ k( hWait and see what happens8 C4 l/ e1 s" ~) y/ C' W/ _
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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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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.8 @# U" I6 C6 N4 G; \, A" D
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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.! Y) K7 |3 Y+ L; R5 W
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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.$ q! w/ ]4 a6 o# U/ _
$ Z& B$ @/ h# m2 JKinch 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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