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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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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.7 u/ C# S$ F/ Y+ g, M
* o8 H' k4 e7 h+ ~# p2 ]( RPrior 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. W8 W/ L" [. v3 E# P6 L
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First-time buyers, single-income earners take biggest hit with new mortgage rules1 z+ a: o) _/ x2 [3 U: ^
CMHC to issue 1st 'red' warning on Canadian housing market6 f1 q& [: [0 i; J" T: 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.
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# ^, D2 \* R' P u"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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4 D. H: ` ~. X- w, SWait and see what happens" c* q" `) `) w8 h z- K
* K7 ~7 }( \& C" m& t/ z4 aNatalie 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.5 S9 U# L) D8 ^4 l1 w
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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.; M5 n+ F8 h; j2 L* s
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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.) o; c1 W, o+ t& B1 W
+ @2 R3 ]6 b ~* r"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.. q" q) o! j0 d/ K2 d; s% }& S
4 @( p' ~2 s- W5 O' V! A1 ?9 _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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