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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.3 |5 F7 W5 \' F# x+ ]) U, W- y! F
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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.9 L& y" v; _' v' ~' `1 B
, ]5 O0 T+ l8 s7 R: P2 k8 g) 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 $320,000 home.8 H( S" C( x3 i* c! d2 p. I
! k1 d6 [$ B9 Z8 p8 q7 ^First-time buyers, single-income earners take biggest hit with new mortgage rules
' I3 a% n# J; [( v9 {9 L2 uCMHC to issue 1st 'red' warning on Canadian housing market" J5 I' ?1 z( a
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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"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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$ z2 M( m' [% y: C' B, bWait 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.
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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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- g X$ f* i% p: _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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: W# G `8 Q2 e+ z1 b2 N0 }"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.7 u! C$ V" n* U% x( G' |5 M
# g/ ~8 G6 i% g% iKinch 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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