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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.- Z$ e4 Y; f1 }2 y0 l+ t3 K4 W
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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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# |1 C9 h! d, e: EPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
' s: p% c1 m4 ], J$ J+ f8 LCMHC to issue 1st 'red' warning on Canadian housing market
6 Z2 t6 v) y% C! ]# E+ A, H, ~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.# ^/ F0 F: f5 M
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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.' s: _* d" _3 n9 y D
( d9 ~: n% v/ ~( R7 i: C \, _/ e/ lWait and see what happens
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! r6 e4 Y& `/ V7 b- {4 M& pNatalie 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.6 F' r: {- a- Z3 ?0 E
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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.% J- G" W" a6 [& O2 f3 D
8 z5 }: q3 [! }: D7 `) QThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.
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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.5 Z5 t9 Z( H2 C( [
8 J6 m& j& g0 a8 {3 o! b4 NKinch 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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