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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.+ ^8 c" y% m- X$ m, ]' h9 Y1 b6 g
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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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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules1 X, @ ^9 K% F' u& f9 G. r6 N K
CMHC to issue 1st 'red' warning on Canadian housing market: A+ u, H" B( O- f
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens
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* J7 i% t0 r; {8 d5 nNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.5 |( d, m N; s; Y1 |/ H
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.6 L0 T5 |& l' X( J/ e* b" W M) V
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The Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.8 N0 k6 u! `7 Q S% E% Z
# S# N: P) a0 M4 ~* b$ s! @ d8 I"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.5 I) F9 N/ {2 A8 H
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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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