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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.3 X# C9 {; a2 X- ^' y) \# x% r
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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 $320,000 home.; S' Q# P0 R5 s
% I+ L8 v1 {% k7 `( s2 j; sFirst-time buyers, single-income earners take biggest hit with new mortgage rules
& L. S, n: b" |; x7 a/ q- ACMHC to issue 1st 'red' warning on Canadian housing market
" g" N; j: c$ |+ D5 c4 IMortgage 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.9 {# m+ z" E1 M0 I) |! ^
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Wait and see what happens) [; |/ n: O$ X ~9 i v3 b, l
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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." K3 \# [4 ^: U
8 Y1 ^$ B0 p" u6 b. u( x"It could be advantageous for us to wait and just see what happens to the market in six months," she said.2 ]0 e( `% q" C) z) [
: {" \% A1 H- ^% T! ^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.
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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.
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" W+ Y5 J. @, \; 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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