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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.; h/ y2 Q, u( Q( F/ |8 I! }" Q
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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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% D% E6 {* ]& FPrior 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 $320,000 home.; J8 e7 r% }, @1 Z; k" U
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First-time buyers, single-income earners take biggest hit with new mortgage rules; f7 f, o4 F' z4 {
CMHC to issue 1st 'red' warning on Canadian housing market2 `- g. R: k& L
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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. [. g$ J$ e- [& I9 i"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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' n& w" O7 i. r" FWait and see what happens
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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.! x' E# p k0 |. Q% m0 O
2 l/ i: n% O L9 H; R. p: p, z"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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0 S$ Y; X5 a1 W/ NThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.
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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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6 O$ F9 H0 p' A* v+ T2 s2 F' EKinch 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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