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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.1 w) u5 o$ Z0 m
" b U! R$ M. g3 u( N! ?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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules# f8 G$ x! @8 B& T: V7 _- ^; N
CMHC to issue 1st 'red' warning on Canadian housing market
2 a/ r2 R [# h8 p7 T1 M' `3 n- {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.0 Q- N- h7 L& u) k- w0 E
8 Z5 T0 `6 W' C0 b5 a"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.: [0 t5 l* B% t# x
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Wait and see what happens
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3 `6 W/ K* d5 U1 i, hNatalie 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.* j. } u( N" p5 f% Q& F
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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.) M/ K% B. h4 q' a
4 B" E3 i$ s2 b7 z6 S s6 Y"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.: ^" g( M, P2 h( ?9 Y
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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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