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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 q: K3 c0 ?( E0 R7 C6 Z( f
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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 $320,000 home.
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0 x* Z0 j: g4 }9 [First-time buyers, single-income earners take biggest hit with new mortgage rules
" x7 s; R1 C# q4 ?CMHC to issue 1st 'red' warning on Canadian housing market+ r7 u" ~" e0 B
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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1 z! u& h5 y) l/ pWait and see what happens$ q, L* B! r" S+ ]) a
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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.5 _; a4 p" J: E
* i& U( r" E, m3 U/ R0 b5 |/ T2 o& K$ N"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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( U) _" G8 Q0 @; [+ BThe 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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0 ~8 V9 D( A' N. P& `0 g"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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