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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.% K7 s5 \: B8 @* Z2 z8 ` N. {6 b
4 P( F" Z+ a+ M4 D* JThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules. H+ A% t: f. U( A J: b) L
CMHC to issue 1st 'red' warning on Canadian housing market
) r+ K/ Q3 x) Y4 _. ?) IMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.# Q. f: s, J% B* {1 T! g$ P8 O
3 X( ]8 z* P) w( v: Q' T8 s9 |0 C C"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.' G6 c% `% s9 _; |
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Wait and see what happens( v W% s! y1 o$ ]2 i
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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.9 `, k9 o( Q$ M8 y: X8 o$ `
: I/ p2 B$ P8 a3 d( \% p1 b7 ^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.' L2 f; O, U, E
6 A; V6 f, F* W, I2 D7 K0 ~% w"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.0 d' r! {/ e2 u ?) L; u/ O, k
4 m" r/ A# R! N; G% \. E: xKinch 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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