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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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# L+ ]. d- M5 q 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules6 K; B, U' y ?- k$ R( t
CMHC to issue 1st 'red' warning on Canadian housing market
& @' e7 }; n1 f. TMortgage 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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" V% }" T; ^0 i: {, T+ ]* ^"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.# ]& x1 a8 ?( X5 m$ }2 D
- @3 w1 q) _3 p" C7 TWait 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.$ g; ]7 g! Z4 P
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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.3 F# r, Z- d4 r0 \1 A: o1 C
4 i/ t7 ]2 G$ z @( |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.5 I8 j" Q5 z ]# t0 G" [
' e; m q/ M; z a. d, p5 a- \"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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