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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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/ [# J+ c; N( z9 gThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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+ V- w# k: r2 Z @: d& _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 $320,000 home.; u- r/ u$ y$ T# z) o8 ~6 J
" I/ y+ _# o) f8 UFirst-time buyers, single-income earners take biggest hit with new mortgage rules
9 { [; L8 m8 ~" Z7 e3 Q2 m: UCMHC to issue 1st 'red' warning on Canadian housing market
7 ~/ } `9 l2 ]( z, |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.4 F# U& Q& {0 _! @4 v' X8 G
0 w. S+ D0 w: X1 Q8 J5 z l"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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* d7 ]3 n% h3 `8 o" s {Wait and see what happens+ X6 L1 h3 Z. G& v/ x; J. H
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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.- p7 T2 G* M! n' O) L0 n0 ]
~+ `! f; k$ v! B( U* @"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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+ X* P6 c4 w+ \1 E, X- W"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.0 I$ W$ W, J$ Q8 r- t$ [
/ c2 ~, A; {4 t, |' YKinch 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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