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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." U2 w5 G9 k2 B) j
* W' `& z; k _! s$ `4 Y# [$ `The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.3 c! A$ T1 l+ ?( c& k
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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 $320,000 home.5 o0 P9 v- _ ]( ~9 | x
% ^$ i. I B# f* O9 V% }, }First-time buyers, single-income earners take biggest hit with new mortgage rules) o; J$ o" D& F8 S1 p7 E
CMHC to issue 1st 'red' warning on Canadian housing market
" Q# i8 k' E n) L' j( Z1 I! I0 jMortgage 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.- r6 L( p7 Z5 T! f& N# J; G8 A
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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.
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Wait and see what happens
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# a+ G+ b5 p0 e1 t% E7 V6 hNatalie 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.; X6 M" S+ g' h0 X4 L/ X0 a) g6 M8 B# e
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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., [7 T& @# j& K) ~
2 l2 o: K5 P. E; |6 s0 ?"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./ v% A* \+ |+ {/ x$ b w
* [# i; w& i1 X. t& t- [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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