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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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3 V6 w4 @3 V8 UThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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4 q$ b- L2 j7 i8 |) N* }* ZPrior 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
0 t! G) T. N7 j' a- o2 VCMHC to issue 1st 'red' warning on Canadian housing market+ i* ^9 t, x, `
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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0 R% _1 F, }) ^3 G"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.0 x) b( v9 M' @: f
+ ~& q I4 J; E; _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.
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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.* @4 N2 |. c* Z
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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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+ r" |5 b& s8 d) [7 T, u" c"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./ i6 M9 E& C2 O, K, U& _
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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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