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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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1 g* M; @8 F" R8 RThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.' @/ {* {$ `$ x Z; c1 G+ X3 `
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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 $320,000 home.
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% r( U8 B2 ]3 n& }First-time buyers, single-income earners take biggest hit with new mortgage rules- X' e5 q' @+ H) C) ~5 T: l) [3 o
CMHC to issue 1st 'red' warning on Canadian housing market" c) E! n3 u7 V' O% f
Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said./ O* l6 N3 F' e1 l: e6 S
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Wait and see what happens! j3 o# V; [) y( ^0 v1 G
5 T5 a- }2 h6 yNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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. f# t1 N: C V, y& b# I1 H"It could be advantageous for us to wait and just see what happens to the market in six months," she said.$ o' F% z; H8 w+ s8 i3 w
- u X1 s8 \+ sThe 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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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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