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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.9 U2 u8 R2 W/ H l0 S; U
: E. s7 ?; i; U! X5 @5 EThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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Prior 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 $320,000 home.: H, I3 [ {7 a3 x' n7 u
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First-time buyers, single-income earners take biggest hit with new mortgage rules/ s" D }/ w2 A3 u7 Q9 M7 c+ Z
CMHC to issue 1st 'red' warning on Canadian housing market) S: w5 c/ Z, g! u3 L0 z; ~
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.+ x( K1 I0 B# T( L2 T& m$ m2 s
; ]. U( d6 |- ?! s4 `"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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$ W: e4 |. l1 H! T2 B+ ?: Z uWait and see what happens6 m6 a& B; X1 j1 M% |. R8 W8 r
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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.- ~1 ]& S# z3 Z0 V- Y
% S9 Q g+ e7 G" E+ U( e/ h"It could be advantageous for us to wait and just see what happens to the market in six months," she said.9 t% O" X, Z. Z! t
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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./ F/ A( A- j) h% i
( i6 z0 K4 ]9 i; |5 k1 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.) l2 [, _7 q5 ~5 n
- k5 g$ o% h) B0 KKinch 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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