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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.% S* z E# X) m t5 L7 E
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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.( q6 P$ G$ I, E/ b' I1 t% f( G: I0 C
0 \) O2 B2 Z/ _5 nPrior 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, v& D4 C; K/ N. k" u
CMHC to issue 1st 'red' warning on Canadian housing market0 I. ?# s7 |# x* I% t
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.5 {) O, d7 m2 U8 G( l
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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.
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Wait and see what happens% c6 v7 r8 _) W, x( }& M
4 J( w) F; J, p P, c5 ~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.2 b; i6 G: ` o/ s8 N0 ?
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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.3 z0 M/ P: ~9 G" j `/ u
7 Y7 n4 X5 V- F! D/ TThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.# }& R/ K8 ~7 F% `- ~ f7 I
' i6 O) l1 K# E"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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: _" {2 P1 \$ }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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