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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.
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2 W0 n7 M& R% T cPrior 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 $320,000 home.; N$ A5 P- z6 n3 P
G) |7 N) k5 zFirst-time buyers, single-income earners take biggest hit with new mortgage rules
* Z% ^6 ]: l6 _0 ^! bCMHC to issue 1st 'red' warning on Canadian housing market
$ g) N A U, ~, W# |) T* ZMortgage 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.% W; w5 e- z3 x% b
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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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# L% p5 P' d) U) Z, lWait 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.( F8 _ o8 D3 |5 e# [
& W3 F- Y1 A: a7 q# U* O1 q"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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0 h3 \0 z0 A! v" H9 y* D0 jThe 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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. t4 O" C. e6 f- X"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.: F. t) n4 w0 s V. h! r
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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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