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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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- f# P7 Q3 K7 R. D2 x/ MThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.: C* x8 ]3 A x% }8 i0 ?
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
, ^7 e8 y5 B, F9 T6 bCMHC to issue 1st 'red' warning on Canadian housing market% W$ ^+ v: |( B: c6 V" j7 t
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.& _! g) t. e) d
! n, M, \% r/ z4 J, H' Z"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.# a, a( R7 }# u* m1 P
9 e& _. l2 z0 x: G( t: WWait and see what happens
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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.+ D7 Y+ r- U: l( I$ Z
5 [9 X+ t ^/ c* g"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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, i# a, M& ?3 j2 `$ x$ h; w; oThe 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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8 L: m6 E" M3 l2 w C"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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, z) t9 e6 R, X' s) nKinch 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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