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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.) r, p0 m" ]& Y% [+ w1 H
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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.3 m6 @7 k* l8 U# Z( j2 p( K
" Y; `; p. A1 V p: ?3 K* kPrior 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.% w# ? S+ t" n8 Q
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First-time buyers, single-income earners take biggest hit with new mortgage rules/ W8 Y0 @ ?: r# V0 K7 @' f
CMHC to issue 1st 'red' warning on Canadian housing market
/ d" n7 ~2 o. `+ @9 k1 cMortgage 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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5 Y% [) r) g9 \( _: U6 b"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
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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.1 N! V2 W1 c7 T, Y# ?
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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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) K' z- G* d# a& Q7 ^; b, ~1 eThe 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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) B! t$ w9 A, c2 _/ v7 L"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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