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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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4 b# H+ F U a/ @- NThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.: o1 N1 u- I7 ^
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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 $320,000 home.6 y! H3 ]' t+ R) _( R. u5 `* t
2 \: x+ m( @/ n; X. \First-time buyers, single-income earners take biggest hit with new mortgage rules
1 e/ c0 p$ r' D5 h }CMHC to issue 1st 'red' warning on Canadian housing market
. K2 \# i8 \; I( l; t& P5 KMortgage 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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: [- x( }8 ^: ^% M3 J. ]) W"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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Wait 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.1 b" A# }& R/ g* w$ Z. z! W; c* h
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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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# T9 h( o7 P6 V- s* AThe 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 n, D7 R Y; ?# s2 v
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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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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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