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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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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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8 F& D7 z/ q. Q) 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 $320,000 home.' Z! P D' }1 e! x
5 x6 `1 K! R' A: C$ q2 nFirst-time buyers, single-income earners take biggest hit with new mortgage rules
& ?9 h' t M" m% V# wCMHC to issue 1st 'red' warning on Canadian housing market
' D8 g0 d1 e" W! gMortgage 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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8 C9 }8 B# H! S& j7 i" A"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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$ N) a% @/ I( D' d* M5 aWait and see what happens
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3 G) O) A P; J: r4 m1 XNatalie 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.3 n3 b6 f9 g- c9 W3 @0 u# z! r
, |4 Y5 _! a. ]8 ^ w' N- A5 g, J' [) BThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.# h" o& j# r4 P7 J
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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.1 w- A6 e% H7 M. A: k- g$ q$ r
( L# o9 ?5 M6 ]; v( E9 ZKinch 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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