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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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( w r, L( i Z6 D |/ u' S7 |, Y' HThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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A0 B; h2 K% `" x' \: _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 $320,000 home.
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0 J* O# Z2 g: {, o& aFirst-time buyers, single-income earners take biggest hit with new mortgage rules) a, e, E4 g4 F" `
CMHC to issue 1st 'red' warning on Canadian housing market
- Z8 b7 D$ d+ d T' T* W9 S( 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.0 @* G6 d% U, b8 k0 y+ f* T
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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.9 z! f" B, b/ `1 `0 X7 y: h& f
7 _6 `6 l6 j, |* i, v/ y% Q3 eWait and see what happens4 X: o2 H3 c" i
* ^" M$ c# Z$ v/ UNatalie 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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- o% O" i& Y: v1 O"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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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.
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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.4 e) G- S4 _& T P5 i( b
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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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