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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.+ a3 X/ c) B9 P* J' X
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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.
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5 h% j. F: g) J3 B2 XPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
& b! j" `6 `3 M- r2 X1 R LCMHC to issue 1st 'red' warning on Canadian housing market
: \1 A$ H- q1 i6 z* }! ZMortgage 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.4 K; d9 I+ E8 Q+ S: v* B6 G
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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.# U- N% ^9 u* ?6 \5 h9 V% E% ~
' {" j* S2 _- G$ R, M! mWait and see what happens. g. Z# q8 {* L" W
1 ~/ m4 u0 ?' d. K1 _0 iNatalie 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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"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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2 L# j' k4 i( P& O/ m' a6 h+ 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.2 ?5 Y5 r7 O" e( j: r- @
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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., S/ h! [4 I" ?9 G5 J* M
3 B) [" l. u, DKinch 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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