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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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* h, d6 X3 ^; N& Q5 RThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.* U8 m" v4 P: W7 z
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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.8 { K9 _% S S7 t+ R: m: d( g
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First-time buyers, single-income earners take biggest hit with new mortgage rules
7 r1 r6 J! I" UCMHC to issue 1st 'red' warning on Canadian housing market
8 {# f1 o, D' Z3 C) PMortgage 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.; g3 \3 S" |! N" S% k
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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.% E" Q5 |1 A! S
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Wait and see what happens7 _8 Y6 r" y8 v
5 V3 d2 h+ Z# D" p% e: VNatalie 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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"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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) v/ N8 ?5 K: x. ]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., ^% d" ^5 m7 X/ \2 R7 v" L# g. x
9 C) R: R3 ^- g1 Y"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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