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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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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 $320,000 home.0 B' B8 Q9 t" _' _2 B- f" f: U9 ~$ m
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First-time buyers, single-income earners take biggest hit with new mortgage rules) ]- V/ m S" p
CMHC to issue 1st 'red' warning on Canadian housing market8 J/ e: j/ U3 }9 F8 a
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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+ E' F& R5 x2 n, h"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.8 Y1 _$ i# Y- t" m0 T; h
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Wait and see what happens4 l: Z8 T3 c6 u/ A X3 @
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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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9 v/ g# ^6 h- @% {$ P; e"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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; A8 N$ P$ f/ ^, J0 b& IThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.: z0 _8 v8 P. Q3 [. m7 x
0 L5 J$ I7 V% g1 `"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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2 Z: S- p0 i) D5 p" [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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