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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.! Y9 X6 I1 [ v! G
, F: \1 Z4 z7 Y3 Y, jThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.# i3 W* ^+ q3 c1 H, U* o* d
& J7 C/ u7 }: {. g, e- `# 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 $320,000 home.$ D$ H6 o2 ]* \' L6 G0 t( r5 X0 A
- F" _) L8 g J5 l! J0 g! UFirst-time buyers, single-income earners take biggest hit with new mortgage rules
( ^7 o# p% _3 O6 Y+ FCMHC to issue 1st 'red' warning on Canadian housing market- d) J3 l( `9 i) w+ A" w
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./ ^# H8 s# N0 {1 x& X7 m
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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.4 {' C! b4 s8 r$ m" x: M0 X. p
2 k8 }! n8 i1 X7 [3 x' EWait and see what happens
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3 e6 s7 v. \$ Q r! L8 ?2 R: TNatalie 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.
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1 x& R% \' t: |3 R: G: o0 uThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.- S1 ` U6 g3 W# F- E% P: r
: a0 i$ C F! c# f3 O, G"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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0 r3 d1 L) K6 z+ qKinch 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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