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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.$ y5 H# ]# l- R2 C8 p: v/ I! e
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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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5 u% e" o# b# G( F. ePrior 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 $320,000 home.- z' o% N3 I& L0 w/ q
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First-time buyers, single-income earners take biggest hit with new mortgage rules
3 V. Y' F$ l: | J0 cCMHC to issue 1st 'red' warning on Canadian housing market
. G5 Q5 `! y* w2 N; h9 O. HMortgage 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.
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Wait and see what happens+ S3 \; g) {: ~5 M! N2 P
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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.- {: c* ^- P' y6 r* M% Z1 r% I
* z3 u6 f' p! b"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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, G; m5 i1 [3 j9 @2 s8 C4 ^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.6 Y$ n) v6 {6 t$ b- ~
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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.
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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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