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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., W8 R! @: p' ~ T$ V* E7 t# o
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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.. [: ?$ R- j! B4 e
7 l8 M/ w1 F( K2 P- B$ J$ dPrior 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 $320,000 home.
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" i2 |$ E) N( A" N1 R: k9 z. RFirst-time buyers, single-income earners take biggest hit with new mortgage rules% j" n' l5 m0 F+ s3 j+ O5 R
CMHC to issue 1st 'red' warning on Canadian housing market
& u: H+ H( k; u( kMortgage 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 }$ V* M! m1 O* p1 \
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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.6 x1 N1 z/ v) P6 }3 ?5 F9 r
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Wait and see what happens; X8 k$ w0 q% H" `
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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.: N$ ^4 S2 j5 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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- D6 f& L8 B0 l) q. ?5 O6 ^"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.% J# |2 Q6 C" e8 A* q2 [
3 W* `4 O' U; p; X# u3 @+ m" J. RKinch 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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