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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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6 c' b7 d, H8 DPrior 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 $320,000 home. e1 ~8 A& c% ?6 |' u2 G8 g( Q: i' H( ~ u
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First-time buyers, single-income earners take biggest hit with new mortgage rules$ `. o% h+ @# H- c
CMHC to issue 1st 'red' warning on Canadian housing market
% B9 z" n$ B( r! IMortgage 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.+ H; q K1 f/ F$ t6 ]) C
/ a+ l& X+ y' k! s4 o% ?"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 happens3 d; P7 J( ~& A/ w
7 Y; j2 K$ X% N6 W) E, P7 I4 _! 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.2 T4 ~! V) a C+ v# p L
. f! C" G' e% N- ^% V"It could be advantageous for us to wait and just see what happens to the market in six months," she said.6 V6 v. J; C) I! ?0 i
# E7 X* E8 E6 T2 }' uThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.8 |. f/ l" A N$ Y
/ H1 M+ i/ B$ K, s! o"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.9 I$ m x7 A9 X7 G( P T2 P9 \0 u+ ?
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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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