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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.! b6 _- Y9 `) t, G6 C, r
- v7 U1 H9 T1 I8 v8 B; aThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.* C, X0 H3 P( z a8 ~
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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 $320,000 home.- o9 m; N9 N! N( N% e- O/ M# ^2 K3 F
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First-time buyers, single-income earners take biggest hit with new mortgage rules. X+ r# E& H) J; A$ Y- R
CMHC to issue 1st 'red' warning on Canadian housing market6 J3 V1 {# R: r! U8 Q8 q d$ ?% Y, e
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." q3 m+ q+ Z4 u& @) h Q, c+ b
. T( O! v5 a! k& C7 ZWait and see what happens$ Z, c, {/ V4 J
2 @3 v/ `9 W, G" N0 x1 INatalie 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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, f& Q" ]0 e/ W"It could be advantageous for us to wait and just see what happens to the market in six months," she said.7 P/ }. a+ b4 `+ @
3 H7 q+ Q9 k7 mThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.; g2 }! l& D: P3 q0 n! r/ o' V, v
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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." h) Q( {0 p" x- P) A. o
, H, R: S3 X0 Z: IKinch 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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