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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.6 ?( A- Z6 w/ r+ K8 U
3 \ v) p+ ]% oPrior 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 $320,000 home.
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W3 [" V; g- [# s) cFirst-time buyers, single-income earners take biggest hit with new mortgage rules F! W- L$ j' X5 D3 ^
CMHC to issue 1st 'red' warning on Canadian housing market
! i& H {+ J+ g8 G" o" p U5 zMortgage 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.7 |4 K2 l6 r5 f M( ^
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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.1 O6 J1 B* R! O2 ~3 s/ c
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Wait and see what happens" |: R3 ^' v! H8 O$ B. l* D6 c
' Q$ ?# S! C/ ]2 p, C. i9 VNatalie 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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# G0 j$ K& m2 Y% ~* H* w9 P9 p+ E"It could be advantageous for us to wait and just see what happens to the market in six months," she said.4 u* W2 }9 H6 z3 a ] l0 i
$ F0 P) L3 ^7 V( \$ sThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto., ^9 C. h$ V p
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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.% L. f7 s2 p% s2 N) U/ A
- P' {' |; [4 \7 d7 m) [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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