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.