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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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: z4 }5 A E5 K9 [8 J4 HThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.* r' [# a' q9 Y3 n1 X4 S
/ u# b" c9 L6 y, q) E, HPrior 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.9 f5 H; [! J0 L6 z3 @! {
( [2 t' q& X0 L. E5 E; pFirst-time buyers, single-income earners take biggest hit with new mortgage rules1 k' m. ?3 R" f
CMHC to issue 1st 'red' warning on Canadian housing market7 T1 }/ _7 A6 `# J. d2 t; {
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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Wait and see what happens
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4 H& k% f+ N+ JNatalie 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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; m/ M* S# k8 f6 I"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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4 s. A% |# u3 [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.* Z7 U. Q+ Y( g6 b4 \6 U. O) D1 @
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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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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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