Discussions

Looking for people's predictions on Brandons housing market in the next couple years now that the government has made it harder for first time home buyers to buy their first home. I realize the rule changes are more towards the Vancouver/Toronto markets but the rules effect everyone.  
 
It's hard to get any unbiased opinions from people that work in the industry since their income comes from home sales so figure I would see what ebrandon has to say.  
 
Prices, Go up? Down? Stay the same?  
 
Time it takes to sell a home? Shorter?Longer?  
 
People looking to move/ Increase? Decrease?  
 
Question for people that are selling, If the market is really slow and you're not getting many if any offers, would you be willing to take a loss to find a buyer?  
 
I am a first time home buyer that is ready/approved to buy but I'm not sure if this is the best time to buy. Question is, is it better to wait or is nothing going to change in the coming years . I find housing prices already way high, just like Winnipeg. Any entry level house is over $200000 unless it's a total project or very small house.  
 
Let me know what you think.

I don't think Brandon's market is big enough to see a drastic decrease in sales, or length of time to sell your home. The amount that you can be pre-approved for is ridiculous and nobody would/should stretch themselves that thin.  
 
I used an online calculator to see what my spouse and I were pre-approved for and it was over $800,000. That's insane! We have a modest bungalow in an older neighbourhood and would not want to take on any higher of a mortgage payment ($700/month). Even if we had to move, we would be shopping in the same neighbourhood and price range regardless of our mortgage approval amount.

dont trust online calculators, there usually wrong. even the ones online for specific banks are rarely close. the biggest changes are related to the percentage of payments/monthly income.  
the new changes dropped my approval from 300 down to under 200.