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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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8 A+ `; V! Y/ [3 ]3 R( n5 S* O7 sThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.2 {4 r& D1 A& f g& s0 x% Q, U" P. l
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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 $320,000 home.0 z5 X6 k, s4 ?; h" g" `
1 X& v- W+ `& r# O/ @! hFirst-time buyers, single-income earners take biggest hit with new mortgage rules$ K1 r8 ]8 z$ [8 V" ?
CMHC to issue 1st 'red' warning on Canadian housing market
+ X4 O& M8 C6 T1 o, YMortgage 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.. K: n$ J: g1 p) q' F' o
/ S2 k8 W* \5 i g3 E7 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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- _2 G: z1 }# m; uWait and see what happens
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. L9 _/ u' |$ d/ p6 BNatalie 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.% b J( D6 a. c. H
" C" A3 U. Y$ Z" a"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.
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2 o5 s7 s$ |- ~: l"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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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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