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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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9 ? x5 {1 b) NThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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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 $320,000 home.. v4 ^' \9 Q& V1 U5 o) | l
' ]# @3 g. p7 ^% ^First-time buyers, single-income earners take biggest hit with new mortgage rules
! @; b; A/ L; e5 K2 u% x5 f" M- HCMHC to issue 1st 'red' warning on Canadian housing market* I' e0 v3 x" d. ~
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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2 j e& x" b6 r"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.$ R5 q1 y; c) S4 s/ D! l% K( K; Y
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Wait and see what happens, ?- X; E/ [2 n) x" |
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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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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.& w h, T6 {+ ?$ A( u7 H, W* ?
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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.* h# i0 p! l/ S! O, }% B
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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.$ F( ~2 }+ P- a
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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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