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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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- E+ J1 K) w. p( ?) `' `3 aThe changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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9 t& _+ K* s! B) L/ W# V; Y' V+ U+ UPrior 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 $320,000 home.
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First-time buyers, single-income earners take biggest hit with new mortgage rules
; ~# t b/ ~4 g" Y4 qCMHC to issue 1st 'red' warning on Canadian housing market
' n5 N' o- `8 `9 J( `4 NMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.' D( W5 L* m/ a8 [( H1 u
2 i S) S5 Q# g1 |) YWait and see what happens
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7 c9 e7 Z; G. x8 V6 zNatalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.
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3 W( @. j% R3 z4 [. P"It could be advantageous for us to wait and just see what happens to the market in six months," she said.8 O; k/ W6 f. j! a c
5 X; c8 P5 s" E/ I! JThe Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.
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- Y0 V1 z; B0 c$ B2 s, Q"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.- Z7 B) ~% \+ H( S2 b2 N
* D9 [8 q* S' Y, `# E1 @; q* xKinch 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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