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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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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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$ [6 ?5 }3 \0 g) |1 i; m$ gPrior 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 $320,000 home.
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7 g4 A$ d; W& AFirst-time buyers, single-income earners take biggest hit with new mortgage rules7 E9 V: ]7 Z9 e
CMHC to issue 1st 'red' warning on Canadian housing market3 g/ a _& u5 R# a
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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: y( e3 p* S- i4 r. C$ e) u+ t"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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9 t: Q& w2 W3 ^$ cWait and see what happens
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& W% X" V( P, K( ~* a7 |) hNatalie 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.' `' R4 z8 y+ b# ]4 J
$ K8 Q" ]5 j; n U"It could be advantageous for us to wait and just see what happens to the market in six months," she said.* g( W; k: X, J: ?- A
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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.& W! @5 c4 G& o, }! q
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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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