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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.; c' s/ r, G! o6 O, E2 R" M9 K1 E
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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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4 j6 b% D/ m9 e) b# EPrior 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 $320,000 home.
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% n7 K9 X6 e0 m* ^0 Q6 EFirst-time buyers, single-income earners take biggest hit with new mortgage rules) y. H3 ]0 W; M
CMHC to issue 1st 'red' warning on Canadian housing market
. q' U5 Z5 [& d( |) l7 l% lMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.2 d3 C7 ~0 p: p6 t4 U) Q
: F/ S& b7 F$ AWait and see what happens- n, B% @8 o1 Y! `
+ M4 \2 Q3 l' g5 `, B- F: O% e: VNatalie 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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"It could be advantageous for us to wait and just see what happens to the market in six months," she said./ b- u: g) B: v, P- }+ P) p
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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) |+ i: z. K7 c3 h" P6 i
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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.5 @- N+ L$ O% m) f* W- o. E- ]
7 U0 B" Z. E* C$ | HKinch 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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