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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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4 u: c. _0 W$ x2 F2 k7 x+ s B' TThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.; x9 [; n5 L; J1 ^' y
# p: d# g6 L9 T- b5 K4 OPrior 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 $320,000 home., P5 ?& D O1 }. E
' R1 z( k% ]9 ^: T0 z. }First-time buyers, single-income earners take biggest hit with new mortgage rules) r! [8 X1 V& v
CMHC to issue 1st 'red' warning on Canadian housing market9 l4 c4 N9 Q! M" T, o& ~
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.' V2 U; ^/ a. r0 |* @( p- D
/ Y/ ~* ^% _9 E! C% yWait and see what happens/ k0 p9 l p% A% Z# ~. M8 s3 L
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.- f7 u0 s8 G3 U: _0 P( U/ `8 P
+ |5 a% L9 y' G6 N, A, w"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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The Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.% w+ g4 w; X2 [3 q
5 b2 g; |2 o9 K% M" Z2 ~( l"These factors will be reflected in our forthcoming Housing Market Assessment on Oct. 26. They will cause us to issue our first "red" warning for the Canadian housing market as a whole," CEO Evan Siddall wrote in a Globe and Mail column.
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7 W% Q* H# _* V% X" r$ V9 J4 |+ m i% {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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