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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.: \, u) E; v8 I* ]8 V
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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.0 T) e. O p7 M
/ Q9 u& u( [5 H2 ~5 P( x( gPrior 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 $320,000 home.; z, Y3 Y1 N9 u# \, x! n4 l
% s; f3 D2 f c# ?& _* ~First-time buyers, single-income earners take biggest hit with new mortgage rules! N4 ~& O4 T* q& V! b6 a' y5 ^
CMHC to issue 1st 'red' warning on Canadian housing market
) R s U9 M5 r0 _, `* [0 aMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.# C* K& F+ O- c9 N0 K; F
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens) x7 t, D+ M+ l8 j* R. V$ K
' E( R M- k! y" s0 Y0 ]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.6 n7 {7 n1 }) e
6 b. Y6 Q$ _/ N' i( J+ u"It could be advantageous for us to wait and just see what happens to the market in six months," she said.1 p* Q% \7 S! M. v- W
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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.; v# K0 Y( i1 {, B m$ [
. Z- F" V h0 p1 K- A: |"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.& Q- v; f5 a; c: z
8 V" ?2 z4 o; Z9 D& OKinch 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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