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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.+ o' a! {+ e3 e2 m) S1 n
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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.
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) @& y6 k6 M1 g5 W3 L' S8 B- u1 MPrior 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 rules6 G5 h' `5 O' [; a
CMHC to issue 1st 'red' warning on Canadian housing market' U# Q+ @) B2 R+ \4 [
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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]0 b+ E! L- A M o9 ]' h"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.( d& T2 G; L! T) q. O" k
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Wait and see what happens/ N3 V# W0 z9 l' n8 H( E
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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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' c u |0 i( {; j( F; G2 F"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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9 O, E Q! `: J: 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.
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# b7 Q# }6 W6 \"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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3 N1 c2 ]9 ?' q& a5 ]/ j2 MKinch 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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