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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./ [# U, Z; w5 K/ p) Q1 e
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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.( U0 ^ L- S0 H
0 m# L: C3 d: ^2 u* {# ]) APrior 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 $320,000 home.. w6 L, C+ ]4 g3 i+ v! @
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First-time buyers, single-income earners take biggest hit with new mortgage rules
/ D0 A; @) J R6 G# o/ T0 f, mCMHC to issue 1st 'red' warning on Canadian housing market
: }, K+ g- M. zMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.. D i7 P; B4 I
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said./ z/ Z5 j5 G1 Y! A! Y
1 p' b- d2 ^) J4 m4 hWait and see what happens9 O+ a7 q, T8 O
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.1 r3 h9 S/ q, t. E5 h# i) f
4 [, R( p! m9 f$ d/ S1 [0 U"It could be advantageous for us to wait and just see what happens to the market in six months," she said.+ o J0 K4 T/ D% E$ I8 X
8 A. W! T% S! LThe 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./ J5 ^/ N2 i1 J( A, C4 t' n* o5 y
) f7 Y! `" L) _5 i0 B8 \: \" KKinch 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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