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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.
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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 $320,000 home.. X" W# ]1 I( ~$ a* z1 r
# y6 j1 `$ ^- x8 sFirst-time buyers, single-income earners take biggest hit with new mortgage rules
& w* O* X3 K N' z. NCMHC to issue 1st 'red' warning on Canadian housing market' S! f$ K# U h/ y+ v H; R
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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% J% B( q# y: N' U# j, n& m' L"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.6 f0 B: T' I; T& r( U
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Wait and see what happens6 l7 @ ]+ F4 N
$ d3 w O6 y$ {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.
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0 D5 e) p4 i6 x) f# mThe 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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"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.0 z" L3 @1 [; f( m* z" X
- r+ l K% W; m& ^0 y- V- 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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