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The poor demand is wasting the price of housing in Calgary to reduce prices: 19: CREB



Living room for added living in the community, Calgary distance, distance, Wednesday, January 30, 2016. CREB expects a much tougher year for home sales.

Gavin Young / Postmedia

The Conservative Party's government would call the federal government, said Albertans to get rid of mortgage regulation with homeowner loans, UCP Leader Jason Kenney said on Wednesday.

During the annual announcement ceremony of the Real Estate Agent on hundreds of real estate agents, Kenney said the mortgage stress test was introduced in the 2018 period, and home buyers may also pay a mortgage. If the interest rates increase significantly, it is "an unfair anti-Canadian housing". If he becomes President, he will present legislative motion to the federal government to eliminate Alberta's market regulations and promote other provinces. Enter.

"Homes are not so affordable as one of the current grounds of Albert, the unfair rules imposed by Ottawa to face the worsening real estate market in Toronto and Vancouver," said Kenney. "We (Alberta) did not have any heating risks … (the Housing and Mortgage Corporation in Canada) took advantage of the bazooka to address this problem rather than flyswatter."

Kenney's comments were based on CREB's 2019 housing market forecasts, which expects the prices of homes in Calgary to fall an average of 2.3 per cent over the year. As of the expected prices in 2019, the downward sales activity and inventory continue in the four-year trend of the housing market in Calgary.

"There are some factors that are happening in the energy sector and how they are confident," said Ann-Marie Lurie, chief economist at CREB. "And, of course, the main factor is the labor market, we continue to struggle with the high rates of unemployment, we do not expect a great job growth, which is because our housing market is weighed down."

Lands did not say Kenney's proposal about the mortgage stress question, but the more stringent loan terms, along with the combination of the interest rate, were another factor that weighed a 2018 housing demand.

"There is no question that more rigorous tests have affected the housing market," Luriek said.

According to the Canadian Real Estate Association, buyers at the average price of the average benchmarking homes in Calgary would have to save $ 76,000 from mortgages as a result of the new home equity loan.

Cliff Stevenson, a Calgary-led regional director at the CREA Regional Center in Alberta, said higher housing instability in terms of borrowing rules is not just the concern for this territory. According to the credit, the federal government has made a "test" of the "stress" of mortgage relief throughout the country.

"We are in favor of the federal government to cool the main markets of the two homes in Toronto and Vancouver … but we have had a very close relationship with the Canadian border regimes, because they have a very adverse impact on the operation against stress and are already dwindling in their housing markets," said Stevenson.

Mortgage stress analysis, aimed at reducing the amount of debt owners and financial entities, is applied to all Canadian homebuyers, plus 20 percent or more who made payments. Kenney said Toronto and Vancouver have a sense that real estate speculation was rampant, but the "geographically targeted" path would be applied.

UCP also has an interest in working with provincial credit unions and at ATB Financial Offices to help Alberta buyers. Only federally regulated donors should apply stress tests, though many other donors have voluntarily applied.

He told reporters from Calgary on Wednesday, the Premier Rachel Notley said he was trying to hypothesize the hypothesis that Albertans had something to "look" on the NDP government, but Albertans has been paying a high level of debt to other Canadians. .

"We must be careful that we do not find ourselves, in a situation where people can not take debt," he said.

While sales of their sales continue to decline during the 2019 period, CREB signs signs that the market of Calgary has begun to adjust to more slower sales. That is why, in the market, it has reduced excessive offers and makes the industry more stable by 2020, according to CREB.

The reference price for homes in Calgary fell by 1.2% in 2018 in 2018. There was a drop of $ 481,800 in December of 2018, in October 2014, of $ 521,600.


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