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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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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 $320,000 home.
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1 A% j/ ^* z% S- J. B% aFirst-time buyers, single-income earners take biggest hit with new mortgage rules3 t! B3 k) c% G6 k' E, M
CMHC to issue 1st 'red' warning on Canadian housing market% p+ _ @% a. X- e, d' t2 P. N* @
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.* B1 ^* ?& l; Z; B. n' X% C6 x
" }) e$ E+ C6 o2 ` j n"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.& p, p3 i6 w' T: O
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Wait and see what happens# J* [: l+ z0 M: X- 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.4 B9 o% e: K0 k0 ?/ B1 o
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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." |& x$ ]9 d/ {' T+ [
5 p: [+ ?1 f. `4 D) {7 t5 y, qThe 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., J- F% Y( \/ S t P
- V, y) ~+ Q2 E7 o. I) 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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