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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.+ g" P' R( ?5 [. c
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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 $320,000 home.& Q' g3 H: }( X
2 b2 U& D. L, k, t' z! I cFirst-time buyers, single-income earners take biggest hit with new mortgage rules
% @( X1 q- h3 w8 J& b# E# TCMHC to issue 1st 'red' warning on Canadian housing market2 |: e& F" a* O5 h
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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! e) Q7 v3 |/ u. Z' c6 Z, F"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens9 g& k i+ C3 E( z
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.3 |! b, R8 b0 O8 K' S8 q: D$ e* }$ T
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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. |5 u% N7 r2 c5 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.: h( q1 m% U0 \
1 c7 l0 I |/ b& ^8 r- M" BKinch 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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