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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.
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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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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.
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4 Z8 @& R) X; i6 N) s, K# e: tFirst-time buyers, single-income earners take biggest hit with new mortgage rules( y8 ~7 j0 c" x" S5 ~! V
CMHC to issue 1st 'red' warning on Canadian housing market* w7 H- v5 C+ Z6 \; }" Z7 b
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.- S1 j% @0 r# u% N H7 f& U
! t* L- r* W9 Z6 v"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 happens8 f6 V+ l+ _/ C& K
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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.; T) W! v7 X1 k; N
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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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9 T; l n5 B0 P3 rThe 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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# E* }; R" C% @* `8 {"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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