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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.; x4 [# y+ _/ k% J6 W
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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.' }2 U% c+ m, Y8 J4 Q1 ]4 A
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules" X7 Q; w/ ?6 u/ n' O
CMHC to issue 1st 'red' warning on Canadian housing market
6 w- _: B- G9 R! c3 e4 qMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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( E! f; r. `6 N5 c; W8 f- f- j"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.- E1 k6 w( X2 r- }1 r* C- ^
. ?' r9 x6 b0 P% A9 l- i5 RWait and see what happens$ ~) d" j: \ t. E5 b" e/ P. l
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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.0 ?/ E | ]3 k7 K; z3 ]* y
* T% [- P( l- t. q# [$ C; W. P* ~"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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/ B2 w! v: V) ^+ ?* U6 M# {' t1 oThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto., q f" x3 _4 i- J8 ~7 Z; x
2 J" i* k7 r: R/ t; x! 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.
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, n- w }" U$ Y. \" NKinch 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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