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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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; H; |& ^* s* O8 z7 Z3 GThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down./ e& X/ S2 y8 g# e& \
; X4 N: |, y5 U4 p: jPrior 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 $320,000 home.# k+ G- S! [+ R7 e' ^6 G2 h- ^, }
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First-time buyers, single-income earners take biggest hit with new mortgage rules
: G: f4 ]4 z t9 h2 Y% \" C9 A- r uCMHC to issue 1st 'red' warning on Canadian housing market
+ h# B2 U9 i! o: p, bMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices. Y/ H" X& Z ~- K( b
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.
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Wait and see what happens/ }) C8 ~2 T6 N5 y
5 q6 A$ q, M4 r' B0 w1 D( {/ D9 W6 vNatalie 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.% q3 {7 \: e& s5 X
4 Y5 F3 ~; Y9 _* U1 W"It could be advantageous for us to wait and just see what happens to the market in six months," she said.1 v x9 N9 r4 ~* d5 O
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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.
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) P6 Q t& @) I/ j+ c"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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% ?# {: Y, y/ x/ z5 `, ], j$ n. k; ZKinch 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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