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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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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 $320,000 home.% [" o" N9 M, u" V1 C
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First-time buyers, single-income earners take biggest hit with new mortgage rules
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Mortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.' K/ X2 L( V/ B& [( p4 ^- G, `
3 N8 u4 U$ Z) W! Y& i3 ^4 l; g$ P"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/ z: K. C( u9 Y; m3 h/ z9 J
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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./ D- `5 V4 J: S$ ^- P4 r
9 ?3 q7 _# T/ T. n"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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+ Y, s. a O% @& F1 YThe 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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"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.8 Y* Z7 G1 o2 X1 V
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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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