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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.
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# V# X8 j% m5 N1 c5 S$ RPrior 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 $320,000 home.4 u$ s0 p8 k0 @! v5 j1 S
+ }0 M6 H! e* H/ [2 C+ aFirst-time buyers, single-income earners take biggest hit with new mortgage rules$ Q; O9 q! c3 K3 {! d# Q+ E* V' i
CMHC to issue 1st 'red' warning on Canadian housing market
- b5 y. Y* O# T- {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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/ i$ Y% R: v2 V4 V" v/ k& v+ e"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.: Y. ], Q7 B3 [& Z/ u! I
4 j* O! v* f* G' S& q% PWait and see what happens: Z ~# M* V4 O
# N2 F+ ]; y1 dNatalie 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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8 @% R8 O9 G# D"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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h5 M8 w% j- c) xThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.; k3 D; [+ H" q5 T. R/ y6 L
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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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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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