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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.5 H& J$ T. x$ U3 E8 b+ O5 Y& J
) z: M1 H7 [+ r A' XPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules/ }, @! j; B( M
CMHC to issue 1st 'red' warning on Canadian housing market
( I& [& T( }6 f" }/ c5 }" IMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.* j" @+ D& `1 x6 d9 t1 E4 k2 ^0 P
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Wait and see what happens" Y. V/ G8 W* h7 \' d: Q g0 ?
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.; A/ o7 A6 h; C2 m# I }; e
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.7 ?. v% w1 R5 p) o0 w
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The Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.
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; }4 b- s9 P7 v! H! u0 y/ l"These factors will be reflected in our forthcoming Housing Market Assessment on Oct. 26. They will cause us to issue our first "red" warning for the Canadian housing market as a whole," CEO Evan Siddall wrote in a Globe and Mail column.$ x9 [- k8 K3 o( `
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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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