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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., H; K! [( W3 w j) i2 x
) c. P1 |! D `8 ?6 J0 ?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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* ^" X: [4 _: R% L0 lPrior 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 $320,000 home.
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( Z6 x7 F1 c- P! h* FFirst-time buyers, single-income earners take biggest hit with new mortgage rules
# E1 D1 l% Y$ [3 b5 V( d! {CMHC to issue 1st 'red' warning on Canadian housing market
3 F- y5 Z( H! x: o5 [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.# b) ~$ Q8 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.
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Wait and see what happens
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' w6 d4 Z( O3 q1 `% pNatalie 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 S2 s! \) L& @- I) W
G5 `5 h1 K& u2 G% k"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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"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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