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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.8 f' ]% Y2 ] Q8 o. j4 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.
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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 $320,000 home.. {2 b' R/ w- l% v3 N
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First-time buyers, single-income earners take biggest hit with new mortgage rules# Z* }9 N1 v/ u3 f% R
CMHC to issue 1st 'red' warning on Canadian housing market& E8 i) m1 M# y1 d" B; x
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.5 b, T. C' o2 M# H5 ^
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Wait and see what happens. O% }1 g5 G! k& M7 E
. X3 D5 z+ O$ Y! i; _- PNatalie 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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+ W6 V' C8 m1 X6 r0 U"It could be advantageous for us to wait and just see what happens to the market in six months," she said.' t% J9 m$ U k# p4 O4 r d
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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.$ H S( o7 D2 w% x6 M
, z1 I% t7 V- r% Q) g4 s5 Y"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.7 ^9 N# \4 ^7 x( v+ Y* b2 ~( Q6 s
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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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