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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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5 O/ ]$ x. _! x' `3 p, dThe 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 $320,000 home.( Y2 q& z: V% z0 N, K
( [8 v, b# M" m6 P+ J- k, u/ i* GFirst-time buyers, single-income earners take biggest hit with new mortgage rules
3 a, {7 z7 E$ }. w2 E) WCMHC to issue 1st 'red' warning on Canadian housing market
. i2 |& k; w* Z$ W# r! f0 IMortgage 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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( f; ~1 n7 Z# }0 I0 t$ Q2 ?"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
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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.- _, X% @2 N0 t$ D
: _5 [# k& J5 P( \! ~* o"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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* e/ O7 Q1 t. \4 s: L& l+ wThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.4 A N$ P- C. Y8 T7 V5 _
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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.
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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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