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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.- z" @' E% p' q/ w% @, j
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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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/ o" ~0 H! V$ cPrior 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 $320,000 home.0 z& t$ I+ L4 }+ i0 ~
$ U3 K/ m& h5 i& A, {First-time buyers, single-income earners take biggest hit with new mortgage rules: X& ?' J+ _, U2 j# q4 r3 G
CMHC to issue 1st 'red' warning on Canadian housing market1 I$ H$ u$ k# x7 o7 V
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.4 J3 a, \9 v& R" W
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Wait and see what happens
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2 f" B8 Y8 T0 u0 X! H# M( WNatalie 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.2 G1 L* ?9 [- w# J( s5 n8 _
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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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7 K; l( V% z* tThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.5 O/ g6 U' Z3 }! h
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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." I# E3 e- n7 l9 b* F0 E6 r4 x
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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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