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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.. G8 K4 @, J0 [0 E8 U2 }9 |" W
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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.* o9 I6 H# a$ B; l/ _& e
2 Z; l' Y% k8 U- 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
Z+ W4 y, P4 ECMHC to issue 1st 'red' warning on Canadian housing market# c2 l2 r' O0 P
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.6 e/ ~% }1 y/ T! U7 t& U
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.5 V, R/ {# V3 B E/ O! ^
& {+ L4 K* l! ?" \0 HWait and see what happens
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7 _& D1 J1 U0 R3 INatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold. r! E( b# [" u$ Q
' n) ?" m3 r1 k0 p D"It could be advantageous for us to wait and just see what happens to the market in six months," she said.6 ~& s4 t1 \/ ]( t- q
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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.! ?* L- P* V1 M! H! ]8 h- l
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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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7 O0 ]7 l! e) k x7 [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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