Coming into 2018, it may be a little tougher for people to get a new household.

The Canadian Government rolled out their new mortgage rules that were put in place to hopefully protect buyers who are entering the market. One of the changes involves new buyers undergoing a stress test to see if they can handle a large rate change in their mortgage payments.

Rob Reynar, the manager of operations and member services for the Association for Regina Realtors, has one piece of advice for new buyers,

"I think the real key for buyers entering the marketplace now with these new mortgage stress test rules, is they have to be keenly aware that their buying power has gone down. The home that they would have been able to purchase qualifying at a lower rate, changes."

"The government that we've seen hasn't indicated anything else from a regulatory standpoint. I do think 2018 – both for sellers and buyers – watch that inventory. We are going to continue to see a high inventory period which does put pressure on pricing."

Reynar said that homeowners will now have to look at a differently priced house, have to save more down, or be able to qualify at a higher rate.

More Local News

The EPS Make One Arrest for Assault Last Night

The Estevan Police Service was busy making the rounds last night, The intense hockey game kept most peoples attention for the night however there were a few incidents of note. Sgt.Tyler McMillan.…

Saskatchewan's Population On The Rise

The population in Saskatchewan is on the rise and has been since at least 2007. The population grew by 11,459 people in 2018 to 1,168,423 according to new figures released by Statistics Canada. The…

100 Kids Who Care Growing In Popularity

100 Kids Who Care are stronger together and the children are making a big impact right here in our community. Brooke Spagrud with how the last meeting went, "We had 39 to 40 kids, but one thing we…

Southeast College Holding Speed Networking Event For Students And Business Leaders

The Southeast College is trying something new and holding a speed networking event here in the energy city. It's being billed as an opportunity to meet with local business leaders and work on their…

Rafferty Rumble Gearing Up For Exciting Summer

The Rafferty Rumble is gearing up for a summer of excitement and entertainment. Josh LeBlanc Head Organizer of the Rafferty Rumble, "The Rafferty Rumble will take place from July 26th to the 28th,…

Sidhu Sentenced To Eight Years In Prison

Families and friends of the Broncos, most adorned in Broncos jerseys bearing their family names, gathered once again in the makeshift courtroom at the Kerry Vickar Centre in Melfort to learn the fate…

Southeast Cornerstone School Division Underfunded Again in Provincial Budget

Reactions continuing to come in from those impacted by the 2019 Provincial Budget released yesterday. Chief Financial Officer with the Southeast Cornerstone Public School Division Shelley Toth said…

Police Broke Up Some Fights Last Night

The Estevan Police Service had their fair share of fights to break up last night. Police were called to a local business parking lot to a report of a fight between four males and a female. Police…

Roman Catholic School Division Seeks To Grow Truth And Reconciliation

The Holy Family has been committed to growing Truth and Reconciliation within their school division. Superintendent Terry Jordens, "We've been working with Truth and Reconciliation for a number of…

St. Mary's School Celebrates Rock Your Socks

Rock Your Socks is a program that many throughout the Energy City continue to participate in each year, to bring awareness to Down Syndrome Awareness Day. Special Olympics Active Start and…

DiscoverEstevan.com is Estevan's only source for community news and information such as weather and classifieds.

Search the Biz Guide

Login