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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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/ e; l3 T( O, ]% o0 jThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down." A7 h. Q" X+ C- I/ }- }& D
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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 $320,000 home.
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+ \/ `, T' [! E, jFirst-time buyers, single-income earners take biggest hit with new mortgage rules
8 ?& k) e& E6 C1 U' LCMHC to issue 1st 'red' warning on Canadian housing market' k! T+ X! S ?: S* f1 v+ \
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.* e6 V* X; ~3 P3 u% J% H& M: [% F
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens
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3 h2 ^+ h0 y* i7 \6 | v vNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.
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7 \$ ^9 a& Y, iThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.
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P `* Z$ W$ }( P: Q0 |, u+ t"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.1 ?: Y+ k! `! ?& G! D5 C" h! ?7 p
8 F( r6 b7 D; V0 K$ N8 [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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