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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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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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b+ h) D' i7 G5 CPrior 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 $320,000 home.$ i' O/ K: c7 e8 K, W3 V
3 y+ _: f" `" F1 T! S$ P6 d- dFirst-time buyers, single-income earners take biggest hit with new mortgage rules9 x4 o8 M2 ]. E6 F
CMHC to issue 1st 'red' warning on Canadian housing market
. c# t: w' W# cMortgage 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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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said./ P1 X' n( [* u0 i8 l
$ L! _( S- E# ^6 G8 d- e4 n& f, GWait and see what happens
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% D/ I9 D2 M* nNatalie 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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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.$ v2 C) e& W- Z: Z
& w# c7 Z; q0 }4 h7 T"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.( _2 ?! c/ d6 q B
( W V/ v; I$ @- _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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