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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.- l; n( I1 A" H% Y; j) Q. x
# a! H) H: j- {6 h4 t0 z7 Y# J' S- yThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.; [$ O7 P6 K' D) [: a" V4 Q1 |
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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 $320,000 home.
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1 r% l" t4 [+ k+ B' [First-time buyers, single-income earners take biggest hit with new mortgage rules1 Y8 W# S& }4 l+ F. r7 R
CMHC to issue 1st 'red' warning on Canadian housing market3 V( G2 V5 |7 D) }8 x
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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, U7 U3 B" A. @# M- A( Z"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.7 i( H/ [5 k* j+ y1 m) a1 A# P9 P
; O ^; k8 ]$ ["It could be advantageous for us to wait and just see what happens to the market in six months," she said.0 G+ p# O6 _; i8 Y0 Q: g% }
! T9 _3 p h: p4 x. {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.0 X+ D3 D5 F/ d, V+ A$ u) W4 a
9 s2 `$ j& o* y2 }/ r0 `5 ^9 A; K"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./ `) l8 V/ r) D0 E
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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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