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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. w7 B" Q6 ]3 L6 `- v9 {
+ H5 _, h- d5 w9 YPrior 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 $320,000 home.
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2 O( N ~# f' G6 u( c7 }First-time buyers, single-income earners take biggest hit with new mortgage rules
* ~3 U! b6 |5 R+ h% o( rCMHC to issue 1st 'red' warning on Canadian housing market
+ A2 D, c1 g7 N V e vMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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+ k* H( ]( p# ] _+ k+ n"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.2 ]& d) u1 e3 v/ P! i2 s9 a8 V
. L( n @4 X: L- x& v! ^6 wWait and see what happens; ^5 J6 ^" L4 }+ X% l
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.0 Z. `, O* V1 U9 _; ?; W* f% N8 H% l
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.' u( r; d, N) m6 f+ i
8 x; L0 e1 O+ q# ~( m4 G1 fThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.
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- M1 F, Q" N* \. @ @# o$ U* I" P"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.: l" V1 s- M- F
$ W" C6 m# y/ I. Z: _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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