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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.3 ]$ {8 d {& P6 {
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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.
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( t' m6 j( i1 h [) QPrior 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 $320,000 home.7 t* F6 Q' E2 P+ E
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First-time buyers, single-income earners take biggest hit with new mortgage rules& r$ p/ }$ ^. t' L4 T0 `1 l* x
CMHC to issue 1st 'red' warning on Canadian housing market; ]8 m" z, n8 r. y- j0 P! F4 r: 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.
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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.% J9 B" p' Y/ A2 B2 L! O4 c
6 j2 G# D K2 y, MWait and see what happens Y, z# @' B: M1 v
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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.9 A1 r) B0 f1 d
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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.; J7 e; m9 ^6 J: G! _
6 t, z3 u# \! ^- J" NThe 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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5 J6 ]/ |& u$ g% V+ g# R: c"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.
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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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