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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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" Z }" h3 s5 S# L" RThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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9 o* o9 p: e& n/ b, ^* KPrior 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 $320,000 home.8 [/ a$ N, |6 z. z& k9 r! X
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First-time buyers, single-income earners take biggest hit with new mortgage rules
' a- r' ]9 \! [% YCMHC to issue 1st 'red' warning on Canadian housing market
% k: |, v1 x! R3 `9 F! G6 VMortgage 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.4 p- C) q2 o" ], t3 Y
( o* `! g$ E* G6 t; I2 M KWait and see what happens6 g4 \$ f5 d. ]8 g
! m' Q) U- D9 W) c3 B0 }2 i. wNatalie 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.6 `5 u7 \6 |6 S" o* t& y
. ]8 B! y+ T8 y5 V; r"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- |9 ^: }0 y8 wThe 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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$ V g: x/ [! o; O1 h. q"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.8 r5 ~/ r5 }$ q/ [) S
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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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