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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 |) n& n7 ~' K4 t. Z5 X
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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.2 I1 \& } u* [! M, U, l$ E& ?) K. P
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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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
) D& Q! p" U) F& YCMHC to issue 1st 'red' warning on Canadian housing market
% a4 }1 d9 n L! bMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.& c+ S" f8 L) R1 A! ~# ^5 B( _
9 w$ [" R4 ?1 s& V9 EWait and see what happens# d9 O% _0 [+ |5 U3 k t- U( U' K
" [) k1 C5 ?7 }' S) g- V' ]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.* U2 m1 _0 t8 C3 ?5 e p
: i, ^$ q3 X" D: Z* ?"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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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.& {) b; d/ S _
1 N; V" S5 Y; i7 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.
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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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