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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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9 }/ Q9 y6 A2 UThe 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 $320,000 home.
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' B* Q( C, J$ L0 y# }First-time buyers, single-income earners take biggest hit with new mortgage rules
- Q6 A% y* R @( d5 J. F- {CMHC to issue 1st 'red' warning on Canadian housing market5 V) B6 P5 C6 ?9 B3 k
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.
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8 [2 s* O" w' w# H"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 happens
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6 l' [7 u1 m/ s% h* rNatalie 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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' v3 n- A, K" k* ]"It could be advantageous for us to wait and just see what happens to the market in six months," she said.$ ^% r# |5 G' D' i, t4 t, s9 A
& ?7 l$ Z7 Q; S, tThe 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.; P" W3 D$ A3 N9 b+ J6 n
) z9 g+ G3 b- P4 \# k& mKinch 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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