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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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# W2 A4 X- J3 } G. V# S1 pThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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2 R8 t; J P2 z( E7 k. `" }7 m/ nPrior 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 $320,000 home.
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4 @- b; K, c$ ?, {) w& UFirst-time buyers, single-income earners take biggest hit with new mortgage rules
6 G' b) u; C: f! r% N# N) n5 ^8 [CMHC to issue 1st 'red' warning on Canadian housing market
" W5 \7 ?2 c; V" Q, M" sMortgage 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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2 H* v4 w& r3 L# z' H"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.. ^5 ~( g7 ?/ V9 x5 S
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Wait and see what happens& @* t" T, Q3 i
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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.- m1 z) m! e1 {9 u
, m5 ]: m- G$ N6 C2 f) @. u3 r% 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., B+ c( d/ R5 ~3 G) i0 @6 S3 ?# [
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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.
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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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