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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.8 f* g$ K+ M# b5 t3 j: K
e$ e+ k" B% O- M5 {2 TThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.' V( m; Y' N7 r+ A* I
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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 $320,000 home.
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: F) ?! F$ `7 A( `/ ` LFirst-time buyers, single-income earners take biggest hit with new mortgage rules: w! G5 a* t7 B9 X$ S
CMHC to issue 1st 'red' warning on Canadian housing market
" }+ Z) ~6 A# }: g2 VMortgage 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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; Z- x ]- I% J Y: ?9 V"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens* W* j# |3 b" j- ]
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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., _& ~# r7 @( W
; V7 h- O( l4 M$ @3 z6 f" v"It could be advantageous for us to wait and just see what happens to the market in six months," she said.: x# o2 a/ [8 p$ |" _% b' N p/ r1 ^
6 E: K C. [4 T* _4 |$ U& b3 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./ i- N; }3 h0 E
5 Y8 u2 A) A) }2 j5 L4 O1 i! ~9 Q"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.5 a) L% M5 k' {+ l1 u
& g% M/ H4 }4 w2 c( JKinch 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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