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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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8 J9 A$ S: [+ {* N9 z. b) PThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.: d4 \2 s* _( L: V8 }
$ E( f) t- _) i3 m4 aPrior 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
: K1 s* k& W% W* ]6 SCMHC to issue 1st 'red' warning on Canadian housing market
4 g) a9 Y: a5 f* k- |4 M% 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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% h* Q% C0 `8 H6 `6 P"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens
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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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# d, B, [+ m& @2 E"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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; `: G/ r2 h8 E7 r5 x l& T& ?The 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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% V5 X! q% l+ A: k% v"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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3 }# ~. l3 G" A& e8 v: m: I. nKinch 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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