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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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7 c- O1 e. o9 PThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.! ]/ W1 G6 o) |2 k+ E
0 p- f6 _4 M* l/ wPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules) H0 `5 p, v% b: \% M# B) V0 ~
CMHC to issue 1st 'red' warning on Canadian housing market5 A. \, Y, I# y( P7 O" X1 B+ z" D7 t
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.% i3 J/ g7 ^5 d0 f
# t5 z9 n X2 b# t6 F"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.5 Y% S/ U* o, ^2 H2 v4 ^7 t9 ~
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Wait and see what happens
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.1 S# Z' Q% w9 [' b$ A
( ?% j0 w) S% T6 Q; FThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.) K" f7 y D t# {0 G: k1 H5 H
# j+ O- w; o% `' c7 d3 E/ S"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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