You may have heard about the new mortgage rules that began on January 1st, and you might be concerned about what it means for your next home purchase.

Of the major changes in effect, one is put in place to make sure home buyers that put less than 20% down on a home can afford to make payments. This is done through an increased stress test as a result of a higher qualifying rate.

Local Realtor, Shilo Storey said that it's too early to tell how much this will impact the Airdrie housing market, but there will be some changes.

"It's going to be a domino effect. All the people that could buy a 500 thousand dollar home are now going to be buying a 400 thousand dollar home. Buyers are, essentially, licking their wounds and going 'ok, we have to wrap our head around what we can actually afford to buy now', which is a good thing overall but it's just going to slow everybody's processes down."

The new rules were primarily put in place for larger housing markets such as Vancouver and Toronto where the average price for a detached home ranges from $775,000 to $1.8 Million.

Storey said that Airdrie's attractiveness as a young, growing community will only help with the housing market despite the new rules.

"Our average sale price in Airdrie is lower than Calgary so you're still going to get more bang for your buck. For those guys that are looking to get into the market, they're still gonna have that perk of buying in Airdrie."

Storey and her real estate branch anticipate they'll have a better idea of how the new rules are affecting Airdrie at the start of their fall season.

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