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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.# F: o) B* n6 ]9 I# a. s+ Q2 f' Y
, ^* G/ o6 p+ G( T# 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
) S6 u. A2 l/ UCMHC to issue 1st 'red' warning on Canadian housing market
% g; s' a& X7 B0 O! w4 OMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.5 z+ Y% n& Z& ]2 C# K
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.) W F4 W5 B% `1 `( O
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Wait and see what happens/ P) t( `7 n* M& C( m% @
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold./ b) ` u+ b8 B; G5 D
7 C( _: o! `. z4 U* A- L, O2 E" y"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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: ^6 n) g' ^, QThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.& `) r* @5 u0 }6 c% _5 U
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"These factors will be reflected in our forthcoming Housing Market Assessment on Oct. 26. They will cause us to issue our first "red" warning for the Canadian housing market as a whole," CEO Evan Siddall wrote in a Globe and Mail column.6 t# a) k H) n+ b
1 q" t" b& f8 _4 U1 P$ ~- s7 s3 CKinch 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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