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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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, T5 Z D7 U$ w/ [. U s% P1 nThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down., X9 W! Q& k( t: }' X' T1 P
& ]: R2 S3 {! k" J# N- r E' k( z* PPrior 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 $320,000 home.! i: i# @9 k) V
3 f& t7 }& R' W4 a! e% R! g& u3 v( gFirst-time buyers, single-income earners take biggest hit with new mortgage rules
, N9 `; M2 T$ q9 [, Q# X7 g3 y1 uCMHC to issue 1st 'red' warning on Canadian housing market$ [4 ?& F- c9 T" Q
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.6 R* \# ?: }$ Y/ Z
! R* q0 m3 k0 j/ P" C- v8 u"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.7 S: S! H, V/ U, Q$ E @$ x
4 B( v! W% V# u: Q* Y( FWait and see what happens
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, N) `* q$ l6 K! d: I2 c$ `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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/ U- h# t% J4 g7 w"It could be advantageous for us to wait and just see what happens to the market in six months," she said.; U+ O$ i: V# x
& ^( E+ s# D8 z9 A; a0 V; NThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.* i- J$ G: c& Q- O
7 Q2 u, ^8 }$ d( ~3 t"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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1 y& U% l) Y( L6 A) a' lKinch 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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