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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.9 ]2 \& H" s) L h/ }3 M
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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. Q1 ~& G, a9 D1 Z# V f) Q
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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 $320,000 home.$ J$ o1 z x3 r2 {! A1 k3 _
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First-time buyers, single-income earners take biggest hit with new mortgage rules' V' y3 m7 B* K) G6 h/ V+ [
CMHC to issue 1st 'red' warning on Canadian housing market4 I# {4 P! A% u/ |( w9 F
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.& V* ]3 y1 A) C4 y) Z
) g6 ^/ o# a6 C: l"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& }; t, }0 J$ ]; C; P4 {
$ S5 n+ ?! p0 C+ j4 ?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.- D) v+ F& e1 t
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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.
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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.- F3 Z" ~% g* Z$ W- b% y0 J+ j
! t Z& X0 n+ k0 N"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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! L4 |8 X7 i$ 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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