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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.7 h( \4 D/ L! [* h9 e$ w) Y! ~
! w4 l! T2 }3 Z4 X y3 a$ v( dPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules, H3 ]" G; \' _, @# f! f& w( f
CMHC to issue 1st 'red' warning on Canadian housing market7 n% L. n/ P% ~! H8 C+ r7 z _
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.! s) y6 g7 Y) T0 Q
" [+ D4 Q' J3 wWait and see what happens! Y$ y. U: q' a$ k
; T( L5 k0 q- Q& X" @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.$ B6 ?* L" b5 e. G9 S6 k3 w5 ~
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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.. p6 p! A v6 a3 i
3 z4 F$ F9 _5 E# z6 {# U" N+ c0 GThe 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 `+ w8 n0 w% |5 e0 e% t. h"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.! T- |( J% f- h4 @" m
+ h8 F; [% b" _8 y! L8 `; H' cKinch 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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