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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.' P: q3 V/ J: Q) q
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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 $320,000 home.
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8 F6 J3 T& d- Z( ]First-time buyers, single-income earners take biggest hit with new mortgage rules- K E8 {) i% b& K+ c0 x6 _7 C+ P7 P
CMHC to issue 1st 'red' warning on Canadian housing market
# D; ?2 I2 x% {( X0 g# dMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.6 m5 \% b6 P: T' x4 `
; n m0 a$ N0 N) B1 _* Y9 @Wait and see what happens$ o: i9 s* @$ l2 q5 Y/ D! }
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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.
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" q, w7 v6 s1 U& R; K1 j"It could be advantageous for us to wait and just see what happens to the market in six months," she said.# q j o7 c) h5 `1 K) A
) a9 \& Z: |7 }' g% W1 W2 M- cThe 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.* J2 ?; P) G8 R; b, o. T
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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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