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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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* A' _0 c' c, d; s& dThe 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.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
% t6 w! x6 r+ }4 |CMHC to issue 1st 'red' warning on Canadian housing market
/ P3 `5 f& ^, [& B, BMortgage 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.7 L; ^* j& c; x/ ] R8 K' e
6 q" w! {, g j. ]6 Q# H"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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, v1 t6 I- G% Y4 ?# ?( RWait and see what happens
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' ?/ e H& i: F0 p' {! e9 JNatalie 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./ d6 Q3 M0 U0 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.
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) D) m& f1 N: G" iKinch 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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