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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.7 K6 k+ ]% _. G1 M" ? b& A6 g; P& f/ k
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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 F2 N3 o, Z* x, ?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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
1 y1 {! W" X! O- ^# K& b0 B. M) b a" QCMHC to issue 1st 'red' warning on Canadian housing market
i: i m- T2 LMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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5 Y& M: E+ Y2 E: K9 u U; n"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens2 o& ?! u: f" A [. [% `! c- c
: j( V. e" E A; a/ a& c6 sNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.3 K5 x' l R! @' A" o
4 \4 d- w, K$ y1 e2 ?2 _ {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.* B* U1 ~( L) [/ X$ m
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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.
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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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