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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.0 k+ r) D$ r9 W% ~2 T7 A4 I
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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.' b% Q" k* G; ?* R
# p! l5 b, {2 ]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 $320,000 home.7 _( M1 w4 W3 e1 V+ K9 E8 n8 y
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First-time buyers, single-income earners take biggest hit with new mortgage rules
5 h' x8 L" W$ G/ z( bCMHC to issue 1st 'red' warning on Canadian housing market
4 `) ^- `' K, VMortgage 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.$ b3 f8 k4 F: p7 l4 T$ [/ P
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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.6 U2 @" s2 b3 a! g% k& J
7 v5 w# }$ N# u' _/ ^ _Wait 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.
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6 c. B3 q6 q% F( `$ _"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.% }/ N% F& h% d" r" v9 }
& E& n" M, @, G& g7 w! h# V"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.7 P/ J, A M5 H
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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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