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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. x# J4 B* d5 I/ ^% ~3 R" n
2 ~! |8 [! P, [, j0 ~# p$ y" UThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.7 q4 ^ S' j' O$ U
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules. T7 _7 H9 [" W1 x6 z! r% P; U
CMHC to issue 1st 'red' warning on Canadian housing market# u D% j D* V- H" s
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.* [( \% y \/ g0 U- [- u9 Y
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said." B2 K# D- D9 l
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Wait and see what happens
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" k) B2 K4 @/ v5 D/ Q/ bNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.6 J7 ?2 n0 }: R6 U
1 w4 z5 |8 `8 G2 }; L+ ^"It could be advantageous for us to wait and just see what happens to the market in six months," she said.: T/ g; ~/ l* Q% e: V7 Y
' a% E8 F& v% `: r5 t' yThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.( c* p4 U$ A( w1 h
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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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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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