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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.% P* M! a. ?' @' o; ` f
! M8 d/ Q5 E% U7 fThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.. Q9 v, T$ |* \' ]7 H! G& Z0 F% m
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules2 y7 {/ \& F- z# K" U) D- O! U
CMHC to issue 1st 'red' warning on Canadian housing market2 W6 h" p( T- [' O
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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4 A( u2 F. I. D. r0 r/ C"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens) c1 b# U5 [4 Q3 k+ s7 _: H
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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' I0 o9 E. o+ X"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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0 |7 W- R' \1 ^The Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.( P3 ^. \9 p' h! n4 }
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"These factors will be reflected in our forthcoming Housing Market Assessment on Oct. 26. They will cause us to issue our first "red" warning for the Canadian housing market as a whole," CEO Evan Siddall wrote in a Globe and Mail column.
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i2 f9 P1 w& x0 V+ ~$ B8 vKinch 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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