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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.% ]2 B# D! @9 d4 C. @
: s: m- m1 j. Q' zThe 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 q# C, y0 w% N9 ~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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules4 \: G( Y/ `8 a0 q! `2 X }& ]* \2 }
CMHC to issue 1st 'red' warning on Canadian housing market3 h( y$ z7 `3 C2 S# O
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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"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" _3 ^& f4 O9 Q2 K0 X* l, m* R' w
! S2 d. ?# R$ O" x2 b+ @9 bNatalie 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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# g) U) V% R7 T Y7 r"It could be advantageous for us to wait and just see what happens to the market in six months," she said. n3 Y0 b8 V, y, d5 t
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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.7 T3 c+ s/ G; q! j# h4 _
+ T( K2 z+ b% ]* 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.+ I% `% g6 h3 z! S
, J; o8 `) u& }) SKinch 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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