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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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; m5 F0 G6 H/ F" I- B- p# VThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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7 H: x$ ?* Q' J4 s+ @2 \$ H/ cPrior 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 $320,000 home.6 d% ]" t4 {$ a1 Z5 }- N8 a, ?) k$ X
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First-time buyers, single-income earners take biggest hit with new mortgage rules
: x( S8 j( h; k8 M U! a9 O# r- |CMHC to issue 1st 'red' warning on Canadian housing market
I& {& C# {2 q, G* |/ P0 \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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4 b/ Y& l0 l! q' Z5 U5 P"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.- I; ?9 c5 G$ r9 C8 y% E
3 _. a6 L. |1 G6 N$ b i6 j! j& HWait and see what happens
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# d$ w4 M2 ] Y& T+ h$ s0 JNatalie 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.0 a; t0 Z, w+ j' V
3 \9 e8 n) X/ p p* y; i9 L) T"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.
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"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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) B& y6 s% d- VKinch 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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