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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.( R1 U9 `& j2 b3 f& }
; Z6 C, l) {! f# {, SThe 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 $320,000 home.) |! O! o, g {2 _6 T9 T, f# D
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First-time buyers, single-income earners take biggest hit with new mortgage rules* }% Q9 V1 q1 |1 a
CMHC to issue 1st 'red' warning on Canadian housing market
1 n4 T% X0 z1 ZMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices., V B1 n9 s" {3 l% R+ I& f
. h" L8 W! T2 p, ~$ d; p"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.: _+ v! g% E8 S1 X
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Wait and see what happens
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2 A& D' u! J8 q i9 `2 \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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"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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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.7 [, D7 `1 x! ?9 t" i; `
" h( O: h" ~+ \" U! k5 u! A, V"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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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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