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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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0 [2 Z& i$ _2 ~# w P$ S( K5 r. R+ uThe 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 $320,000 home.
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4 f& s" y7 P9 WFirst-time buyers, single-income earners take biggest hit with new mortgage rules+ ]" c0 ~( L6 p [
CMHC to issue 1st 'red' warning on Canadian housing market8 w9 t' r4 x4 ?* K1 [ h: p
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.- v( k1 |, Y. P+ J n$ d! @
3 O1 l1 \. A5 e# L"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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W4 t) z2 w5 @9 ]& |% DWait 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.$ U$ t4 H w- ~# ?
4 [' r( q# P$ @3 D"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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" x* O3 [ G: z8 C" u# o) `( f( XThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.& o7 r" j( n" K7 P; d# Q) } Y. ?
$ y5 |/ K: b, u R8 t, s"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.7 U: x+ j# `+ z
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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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