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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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' i: t; Z$ b9 `3 A q3 S1 ~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 $320,000 home.% \* F2 h) x1 ]1 \ j3 @+ i
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First-time buyers, single-income earners take biggest hit with new mortgage rules3 p4 ?6 [5 S0 k O1 E X7 K
CMHC to issue 1st 'red' warning on Canadian housing market6 _" _* q" \3 [/ F8 ?' c, L& M8 y
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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3 |$ V; m$ @- ]/ zWait 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/ r- G% o3 c* w6 e
+ j9 F" o9 g& H' N8 M"It could be advantageous for us to wait and just see what happens to the market in six months," she said.5 m3 J$ p7 G+ k6 [& X$ _$ }
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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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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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