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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., Q5 x0 V8 X+ L$ c' p1 M, S$ z
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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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7 Y$ ^$ ]& V+ S2 U; r+ CPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules5 N% B4 g* \, E6 ^" x& @/ z
CMHC to issue 1st 'red' warning on Canadian housing market
& {6 v$ e0 {3 G/ q9 L, z2 ^* Z# ?6 S* RMortgage 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.# |, ?, @. M% A3 U$ y
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Wait and see what happens
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% i1 j" ]4 [7 R$ V% u+ tNatalie 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.0 _$ Y1 z( q. E6 |: f" g
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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.- U$ S1 `# N5 M `
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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.! \9 Q8 k, M1 m4 Q& j* `( S
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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.8 I1 w0 p# C! @& G) t1 O8 |8 c
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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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