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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.# E3 ?6 x" Z2 M- l7 t7 D
+ \+ k3 h1 N% b& b/ a' iThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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1 {4 m: M: I/ 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 $320,000 home.' x Q: O2 C% L
+ B8 e8 A. S. Y7 H9 y8 X& X0 d' SFirst-time buyers, single-income earners take biggest hit with new mortgage rules5 b6 |& q3 p' M3 T9 E: w
CMHC to issue 1st 'red' warning on Canadian housing market
5 ]2 i% D! n( d- oMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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1 t S. `1 @1 S% U/ g" k7 vWait and see what happens
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9 W2 w, i" @7 P0 O. b! q% ZNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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9 T3 Q( @% Y) j8 }( h$ pThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.- @ _: ?0 j' u# e) O. B" E6 r
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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.2 q2 } _7 f! e- g
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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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