 鲜花( 14)  鸡蛋( 8)
|
A real estate expert believes the new mortgage rules that went into effect Monday will hit Alberta's market the hardest.
! R4 Y- s! @, ]( p" |2 T0 B" D; C- _, B4 m" S, ^0 U
The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
0 ?9 }: ^- d0 p/ \
7 a, J! T& I" W4 x8 r# Z- c" F, E8 i9 ^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 $320,000 home.# {. p$ [/ _ V- u$ a
9 ]% j! `7 y/ o6 v. l/ I! MFirst-time buyers, single-income earners take biggest hit with new mortgage rules" D! V4 R: C1 N. G% J( G/ t, h- K9 F! o
CMHC to issue 1st 'red' warning on Canadian housing market
" L5 `* D, v% h* _! dMortgage 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./ W7 L3 ~' O5 V' |. h
2 A K! U' y% _6 Q: Y"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
+ T7 \# w# e G( g" |' U; `( _+ f3 J5 ^+ D/ x3 S
Wait and see what happens5 B: V/ o F2 [9 h; i8 @; T! T
; {0 ^* |6 ?# r6 O# T$ _! z
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.. ~5 g h# x9 |
. V" n) i" U1 R. v"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
$ B, Y/ u0 h2 D- J( P
D0 b2 C. P7 e" F# J5 J4 tThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.8 A8 a2 W3 G& ?4 L
3 M0 z+ ]: H7 }2 C8 [5 J6 ?8 R! 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.
* Z1 i: x! E6 d& `2 j |
2 H! F7 J2 H, h5 Q: N5 A6 i8 {5 WKinch 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. |
|