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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. J2 s7 m- Y" Z/ S$ d, s9 E
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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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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
* ^/ [: o J0 F) |CMHC to issue 1st 'red' warning on Canadian housing market
0 a* q- y, }9 T8 R. jMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.( ]+ @ U" z$ z
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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.* ? s3 \6 k% o! T! `8 P
6 n! U, B, n7 ]' s0 L8 fWait 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.
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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.: h. I. S( p! A* U$ ^! t
* a$ b5 o: Y- c) L- `5 M: C"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 W7 C7 N6 i0 T" Y7 V
f* E6 e a6 f3 ~: NKinch 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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