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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. F2 u2 X- y* g
: J, { k% ^4 {. J7 `, }The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.% f/ {- b8 ~/ T8 o) ?& U
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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.8 f9 D/ \$ e3 m
. M, K+ j9 f( a, s8 _# tFirst-time buyers, single-income earners take biggest hit with new mortgage rules5 |+ U4 Z! G/ W0 H. c( E
CMHC to issue 1st 'red' warning on Canadian housing market1 \% m6 I8 p/ |& S; h( N
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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5 X" I+ Q x: E: z"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.5 h0 r7 }' b5 b' d- z: x+ o
0 E; z' h) a* x" y% L9 eWait 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.* s/ W7 D5 m) J) W) 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.1 ^- v% ]! X# ?
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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 F, f' q3 o" X: l% x& ~
: q: s; @5 }! H' t"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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; _* e3 f% r/ S0 F. IKinch 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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