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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.5 B8 F5 q. v+ y0 Y+ ~! H
4 Z' h2 j; \$ O9 jThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.. a: J) y! \; Q m
$ Q4 l' B' G) i0 G( {" }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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. _7 Y/ u7 x9 `& p4 f A m0 aFirst-time buyers, single-income earners take biggest hit with new mortgage rules
$ D5 M. h( Y. y' j# D1 K) v, T, ACMHC to issue 1st 'red' warning on Canadian housing market
) q9 G, J! W) i0 \$ kMortgage 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.* R" A7 Y* y8 G( [6 f& T! J
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Wait and see what happens5 q0 T* \1 K. P' l
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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.
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8 u# Q0 j7 L8 b6 O) Q% K, V- |% k"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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% _$ X( w3 U% H6 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.1 k. i$ L# Y( L) d' A$ `' \
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"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.* p/ d9 K% f9 K+ E4 q* T% D
. I- P) k3 c0 V) Y- QKinch 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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