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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.' A% \/ r8 H+ Y/ f* v
" p# B3 j3 H0 e1 H. Q' d: yPrior 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 $320,000 home.8 u9 m3 T. v; u- S+ U4 I
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First-time buyers, single-income earners take biggest hit with new mortgage rules
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Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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) o+ G7 p. ^1 V: |' f' S$ G0 f"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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% ^, }5 c4 q7 I: j" r/ 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.
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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., T4 _, [9 T5 F% C2 w, w c
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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.* O' T7 _9 _) [2 \8 Q* y) z
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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.2 q- S$ q+ h6 L, h( u8 W$ \% W
* w) z8 k, r" ^5 x/ G* C7 FKinch 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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