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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." B- ?0 z2 L6 \: I9 }
3 S8 ~0 Q: ]8 RThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down." h; `- h* g! B9 P& w
9 k' W1 ?- U% T: Z) | s; ZPrior 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 $320,000 home.3 `$ z; O1 c' c+ N
. Q6 A) F K* k8 h1 ^First-time buyers, single-income earners take biggest hit with new mortgage rules4 [6 P+ B' n8 w/ v6 ?$ `! h& n
CMHC to issue 1st 'red' warning on Canadian housing market; _+ l" z4 {2 k& Z7 z* E: v
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.% K) {: M1 d' K* l! e, G' j' K" {
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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.2 [+ a+ G9 j; d y* q, H3 E. h
; g7 b0 t* u8 M& \Wait and see what happens8 G/ K! f/ t {* o. z
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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.
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; i# U, z& b8 g5 q0 G& e"It could be advantageous for us to wait and just see what happens to the market in six months," she said.8 ^5 w! M" f$ X+ a
" g4 R3 @4 U' r3 M: j8 ~# s7 r: dThe 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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$ p0 e( A y5 L0 PKinch 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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