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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.1 N- D+ l* x* J) ~7 Z, v: O( }3 _
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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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" E+ k6 p& V4 lPrior 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 $320,000 home.. ?! j/ F7 y- N. h
* z; v3 j) B0 v- jFirst-time buyers, single-income earners take biggest hit with new mortgage rules
+ ]/ K" S$ C5 b+ y. wCMHC to issue 1st 'red' warning on Canadian housing market: ?$ m" Z: Y4 b. u# a, q- X
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.& }6 K# p4 k3 ~) T+ W: w! w ~
9 n7 Y" c# B; K% M3 w n A2 v"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.4 g; y* D& f- {- i; a
9 U6 Q. p6 f% R- V' t U$ CWait and see what happens
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1 a; |7 e1 ^6 Y4 q" n, H5 H) v* pNatalie 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.5 X- o4 A: N+ W" x7 L/ u
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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.2 T1 r8 H- F* ^$ a5 g1 O
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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., h& k6 v& M S& H- b
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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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