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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.! ?; \# w% ?, f
" I. [6 N' @+ Z: t& p5 z2 s: N& H RThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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8 t& \2 z& _8 O# ` nPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules# ?" C* {5 H: m7 ~0 `
CMHC to issue 1st 'red' warning on Canadian housing market2 _ |" \4 d/ `5 m3 _
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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2 r; y$ ] D4 l, y$ q4 U"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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& T+ U8 T" N8 U5 GWait 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.) p+ R; @, ^3 p3 p; [0 }
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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.
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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.
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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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' W* q- V& H T2 @" rKinch 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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