It appears it’s wait and see in Thunder Bay for the effects of new national mortgage rules.
First time home buyers are now limited in the amount they can borrow in order to protect their ability to keep up their payments in the future. They must also pass a financial stress test in case of interest rate increases.
Diane Erickson, the president of the Thunder Bay Real Estate Board, says it’s too early to give a prediction on the local effects of the new rules and if they’ll increase housing prices or not.
Erickson says we’re likely to get a clearer picture in a month or so.
