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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.: H9 ]6 E5 K6 ?. C* v2 m+ k" x
* l$ w Z2 N! L9 u. M$ u F; TThe 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 $320,000 home.& c. A. B1 ?6 ?" S
" L( E$ N* c2 v0 JFirst-time buyers, single-income earners take biggest hit with new mortgage rules& Q; k5 g! o8 A
CMHC to issue 1st 'red' warning on Canadian housing market
3 h& O( o( d. V* h, 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.
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' ~9 Q0 u. Z1 S+ y- Y J: b"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.9 t/ T4 c; m! M3 N% u% J, ^! _
) N7 P' E X1 ^" r0 H# FWait and see what happens2 g8 K5 l: u- x# f' t4 E( g$ ~2 y
2 y: H; D4 @8 o. ~- ^' t+ sNatalie 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.) w; e: N7 I+ D) s7 }
8 [% I; P) Y9 p4 J9 u8 N# y"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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( {+ p3 p. J; d) m( A7 y( R4 \# k' }0 nThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto." Y* {% b( N' t4 L& f3 R2 W* Z
4 V+ a+ [! g, L5 c0 [# Z"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.# k' s7 W, t- W0 n
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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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