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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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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.5 M. H7 D& p- K7 B/ I% o
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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 $320,000 home.
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3 S9 D( {% m, j$ R! T" ZFirst-time buyers, single-income earners take biggest hit with new mortgage rules
$ n" M& h/ \/ G# b* R0 g; r% p$ M/ SCMHC to issue 1st 'red' warning on Canadian housing market
2 T- d& j1 V. B IMortgage 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.% `7 e3 b* ?& p* u- L# k, s
0 V! p" \8 u Z) O3 s. XWait and see what happens. ~* {3 T) W2 y, C& w
, \' Y$ P/ x/ }5 wNatalie 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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; ]9 Y8 X* g/ @. d% C"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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. ~9 m3 X* s# y. O6 {* y/ `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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