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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., ~; a7 r5 B" P
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
) ^! ~9 U& Y& L& a' ECMHC to issue 1st 'red' warning on Canadian housing market
; J/ N; _% F1 [* bMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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" ^. H& p2 \9 K b& a! K"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said., i) t; b. h. l8 C" b! [$ q0 V! I
! W6 ~1 t S% c3 d$ }; m! YWait and see what happens+ h9 w/ _* {: L% Q& e' H+ ]
" t* p& f/ e) I9 Q# |: g5 l( bNatalie 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.3 t& t2 b5 f7 A( c' r2 G# H6 v
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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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: V* S, R1 V& o' p" |The 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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9 ~2 D' T4 f+ | t2 s3 v"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., i) ~- N5 I; ^% X0 Q
r* ?0 ~% L9 l1 E% x: EKinch 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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