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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.- K/ ^/ B: H" s% c8 m1 _
+ B+ z2 [6 C& m9 W, fThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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1 S( K+ i7 X5 t U0 O& Y' vPrior 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 $320,000 home.
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! N: O1 B; w& k9 M, B2 \9 u3 AFirst-time buyers, single-income earners take biggest hit with new mortgage rules
! K% P" ^- y, _( l" E; E; LCMHC to issue 1st 'red' warning on Canadian housing market
: q# T4 s: g* T/ B% @9 AMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.- V/ u0 ?+ O# r% `5 G" o8 X9 c
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Wait and see what happens
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1 l. Q8 l; M6 k. q6 R# Q) eNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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' R+ g$ h; @, u- \2 v"It could be advantageous for us to wait and just see what happens to the market in six months," she said.5 [6 U W1 e, X! A, c
: j/ w: W% w0 ]/ ]+ \7 vThe 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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8 i. e+ I, a6 |) r% g"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* a$ o3 g$ x; Z' w, m
; M0 r s! D0 i* y/ i: m AKinch 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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