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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./ Z F8 f t. U7 e
1 L$ ]" O7 G8 D/ ?* [7 |The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.$ G) ~$ w8 R+ K
2 A4 f$ G! ^1 m3 m5 f; UPrior 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 $320,000 home.; P3 H( ^- l L
* b4 `4 s4 _, ^0 g3 k% I3 B8 WFirst-time buyers, single-income earners take biggest hit with new mortgage rules
& |8 I& }- o* x0 R) BCMHC to issue 1st 'red' warning on Canadian housing market% E# x' _# q6 B8 f& s+ T/ p
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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2 h8 Y5 Q" Z' m4 ^"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.4 _" j7 m" ]' T# X9 x
8 j1 e! X! y% i x: j) KWait and see what happens
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& o+ [; @7 S/ MNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said. g d- S5 M5 }# D: n8 J
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The Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.' A" ^9 V9 U1 S& L6 Y5 c
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"These factors will be reflected in our forthcoming Housing Market Assessment on Oct. 26. They will cause us to issue our first "red" warning for the Canadian housing market as a whole," CEO Evan Siddall wrote in a Globe and Mail column.4 K# x$ X" q5 C
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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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