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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.) b. z1 p5 J0 H$ L P5 k! a- W
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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.3 v& y3 u6 j# m% ] P3 q8 e/ g
& I5 ~5 w* q) f* L. o$ [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 $320,000 home.
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) R, }; ^) n2 \First-time buyers, single-income earners take biggest hit with new mortgage rules( v% n4 W# v( O: M* B! y6 ?
CMHC to issue 1st 'red' warning on Canadian housing market
; Y4 x, e4 R" i: S4 J6 `5 hMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.$ E% t6 S/ F/ G1 q( `
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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.% ?/ z& h+ y6 H
4 A) t2 A7 p0 e/ ^' |Wait and see what happens, P: C% V7 Q4 [ u- O
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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. N# \: Z* |- i0 P W/ s) T }
- G" s. w( n" H+ s' s5 ?. R"It could be advantageous for us to wait and just see what happens to the market in six months," she said.+ }6 X: z% \- X. k1 [" A" X
" e, ^4 r+ ]2 X5 \$ N5 iThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.; `( ?' }; f; g( m1 i! f# B
9 V) }7 Y6 U( M) G/ 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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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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