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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.+ Z G0 { t8 n3 w& `
# y- T, y( Q0 s1 b4 J/ CThe 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 $320,000 home.1 w3 r/ M b! S! ~& D1 ~
g1 X7 N. d" ^% w1 I3 bFirst-time buyers, single-income earners take biggest hit with new mortgage rules7 W9 E a; T3 P& Q$ l
CMHC to issue 1st 'red' warning on Canadian housing market* P) P" c) u- b( j3 o
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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4 x w5 l$ J8 GWait and see what happens
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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.+ l8 R, N1 M0 L' Q: g; W3 y
$ i* e8 h( I* {! h4 e. [$ I W"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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# U4 I% Q9 [. w7 L' y% B/ z+ D6 tThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto., i) j, E% @ t) m& c9 D
; }3 f( _, m6 M; M: }"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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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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