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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.& o+ s! N6 M! {7 E1 z/ o. u. y
6 H% q4 O3 Z1 m( @6 iThe 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 $320,000 home.& P$ s2 \7 Y* M! ^0 c
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First-time buyers, single-income earners take biggest hit with new mortgage rules
! J& x( l: v$ J* n) y8 m5 NCMHC to issue 1st 'red' warning on Canadian housing market2 _# i2 t1 k U
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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/ r- P9 W- {9 c/ ]/ j- C3 d# q"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.8 }+ J# }* ~" [( B
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Wait and see what happens0 p7 n( L. ?4 i
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Natalie 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.4 N: n8 _' c2 h: v' h
; i" f2 A! \. Y- U8 ?6 k8 s"It could be advantageous for us to wait and just see what happens to the market in six months," she said.' ?: ^/ s8 I# o+ {7 R, t, i# ~6 R
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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.
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( T3 L3 c) W8 t# _+ W"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., t5 h2 v D" m: A- l7 _
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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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