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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 k: L* R! H& j3 D) D; f
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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.* i7 p) J' z- t; I! F: M
" O4 i5 A& b/ d, uPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
8 {( ^8 A4 I/ r+ r+ ]; VCMHC to issue 1st 'red' warning on Canadian housing market
# ?3 f' s; X" K- T$ Z# i( b" g) ~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.) S- p# N" I5 l" l
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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.+ s" Y3 u) n( q, H' Z
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Wait and see what happens
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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.0 w+ P7 k- C$ w+ Z% L( }4 s1 I
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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.0 B/ P6 P3 t7 I9 x9 ^. n. R
% N0 B% J; Z' ?) x"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.) l3 U0 h3 M& o3 C- H0 F3 p; }- ]
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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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