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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.: [7 |0 a& e, C9 R: G6 g
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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.) a7 u5 W# Q+ O2 f0 x, _( O
; L( w5 o) B, D% s+ h$ F$ tPrior 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 $320,000 home.
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5 d! M% k$ v/ g% vFirst-time buyers, single-income earners take biggest hit with new mortgage rules9 S6 C+ q, }6 w) S3 z. ~& }- Q
CMHC to issue 1st 'red' warning on Canadian housing market
8 ~9 \4 p6 u: UMortgage 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.& [) h& S' s6 D+ v
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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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- S: Z$ c6 Q- E' eWait and see what happens
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/ y2 A9 [+ Y0 c. [4 {" u# nNatalie 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.
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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.1 P( y6 }' p9 j' R
* p5 F2 \+ l' f0 U7 ]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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