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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.7 F' ]+ Q$ S+ s7 ]1 j: q3 H* o
5 e/ V8 h- x1 S, F! ?+ KThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.4 V- w" b$ C6 f1 Y$ `! _$ f
[& k: `( ^2 B$ M2 LPrior 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 $320,000 home.1 P, C3 G# i7 g" o5 [( H
8 Y$ ]1 d7 S& F; }- A! GFirst-time buyers, single-income earners take biggest hit with new mortgage rules& | }. T) c1 H# Y3 ^, c+ L
CMHC to issue 1st 'red' warning on Canadian housing market& S" R& W! l* j$ [" L5 `7 S/ f" f
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./ {8 M5 R! x# a8 _ m' ^! ~) W8 Z
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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.' A1 t. x. \5 M' J0 m% N% g
: W1 Q- j6 H& X, N$ ^Wait and see what happens$ Z# L. {" G- v- Z; P" \+ H
# r% @3 [) [% ?# |$ wNatalie 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.! {2 `' p# u' x/ B
, q; B k; v) ]6 E6 L3 D1 [8 n"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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0 s1 t3 j& U2 w+ IThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.0 X1 \0 J) M3 Y% \) N G& o! O
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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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+ f/ K9 d+ t! C" s! _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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