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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. j% ]. C$ d. F. 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.* x! V/ E; N2 T
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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 $320,000 home.
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# H) h' I, C( h3 y6 _5 L0 R p0 NFirst-time buyers, single-income earners take biggest hit with new mortgage rules, b. r# l' i% v7 }+ @' F2 O' ?0 q
CMHC to issue 1st 'red' warning on Canadian housing market# B3 K+ D. g6 _; Z7 J: h
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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3 W2 J; J0 _, }! ^" i, o- T* ]7 E9 d"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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3 S; l! E; Y7 uWait and see what happens' Y9 p& {3 L6 W
: Z0 B ]+ w0 fNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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; P8 ]* R0 J: w4 y1 S4 D U9 {3 aThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.
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9 @9 ~+ o# k* n4 X3 ^"These factors will be reflected in our forthcoming Housing Market Assessment on Oct. 26. They will cause us to issue our first "red" warning for the Canadian housing market as a whole," CEO Evan Siddall wrote in a Globe and Mail column.
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# n$ a9 K" u9 M' e+ ]4 qKinch 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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