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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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2 S' u% b4 l/ P7 L/ ?. F+ `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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$ N8 I% Y& Z9 l, w; R/ nPrior 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 $320,000 home.
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4 J7 z! d X- ?& A: c0 d0 v8 vFirst-time buyers, single-income earners take biggest hit with new mortgage rules
) N* P; n' g/ L$ y& Q* X4 TCMHC to issue 1st 'red' warning on Canadian housing market# {- K5 p/ s7 @ ^% z
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.- K. H! _# ]$ a) H2 w* D
, ^, n b7 K4 k3 j6 T! [1 R+ r"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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9 T0 I3 |, Z; o j! cWait and see what happens
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' r( h/ M% ]) f/ q$ x0 LNatalie 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.( g2 L: D: G" I* s5 n; M3 J0 q
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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.
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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.
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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.. W" N( z0 w+ T6 o. X) Z# v9 G
; S5 q2 D& A/ C* |6 l' j" uKinch 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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