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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.4 {' {" T% \" \+ [; Q
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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.5 V; G" y6 S: ^: R6 Q% ~+ J0 b
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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 $320,000 home.
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/ k5 \8 c( r2 i0 ]2 k! [& E( nFirst-time buyers, single-income earners take biggest hit with new mortgage rules( C$ N' s$ q' s" T
CMHC to issue 1st 'red' warning on Canadian housing market9 l2 v; Y! s7 q& J3 r8 D9 w
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.4 d* H$ x9 ?; Q; J
" [: A% q4 G, r& N"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said./ r$ y$ x" e8 u4 T1 o
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Wait and see what happens$ R) V0 ^5 W- U
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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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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.7 Q4 P/ n# Z$ u' {4 m: ^/ a( w$ h7 f
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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.* Y W& k' d( m& y
# @) Q+ p' P+ h1 |. j3 E6 \9 ~3 S"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.) a& A' `0 W% }# `* d, `0 ^
% T$ x2 o+ N5 P. k0 L( IKinch 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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