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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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" `% f3 k5 M( r0 V+ h4 S1 h2 y. B eThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.6 U1 y1 C1 {% _% ~2 R7 i0 U
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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 $320,000 home.5 b# I& |% F8 `. B. S
! U. r: _) B7 Z1 G9 A5 BFirst-time buyers, single-income earners take biggest hit with new mortgage rules3 M& `- q1 R0 d+ v: x" d* M
CMHC to issue 1st 'red' warning on Canadian housing market
- v/ R% L9 C4 z$ }7 y' xMortgage 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.; u* Q3 E9 ^& m' v" ?0 d9 \+ ^3 p
/ ~& E1 D6 b) e6 N- j0 F# t/ 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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: m: X0 d& `# h% M9 PWait and see what happens3 y3 n# g; u( W8 ~5 M) [
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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.
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2 T" s/ \! }0 o* I% F3 H' c"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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8 Z) f; _' Y; o1 _5 hThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.- U3 v2 n3 O* O
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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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D4 _, s5 e+ q P3 C3 W* x9 |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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