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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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1 G {0 h8 ~; z e8 S. J' o( W' ~1 @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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4 N+ i9 m, ^6 @0 I4 `4 e1 XPrior 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 $320,000 home.1 g0 M6 v, K! C5 u3 X
. X7 v( s" I: h4 H, @6 pFirst-time buyers, single-income earners take biggest hit with new mortgage rules
, p$ ]- Z; ?- o4 wCMHC to issue 1st 'red' warning on Canadian housing market
# h# t) z- J# bMortgage 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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/ S6 z2 q+ s% B$ z* g3 U, Y: X4 c; PWait and see what happens7 K/ e2 F9 W; T ~* X
0 o: k, Y" \1 x* X5 fNatalie 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.2 i% p: @; U! s
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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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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.
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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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