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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.! P3 g8 o8 ?7 l
! w: x( G1 V6 \( mThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.3 b$ r y! ^/ w! l* s' g2 y
0 U6 a$ _7 I3 q; ~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 $320,000 home.8 k2 Z$ {, U; `4 R! H3 I7 U4 s) L: M
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First-time buyers, single-income earners take biggest hit with new mortgage rules/ b' X \9 p9 y8 I. m7 O
CMHC to issue 1st 'red' warning on Canadian housing market/ @% F2 }2 C! s; T5 f0 @
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.: c/ |$ t) t ] b4 R4 ?3 K" O
2 y- \, `& ^: g; A"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# R2 F3 V$ J+ D$ }' x9 f+ _
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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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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.8 w! C; T! @3 q& W' S
# H! Z+ C5 }7 ]4 I3 M/ mThe 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 `' _# X) @) K"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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