Real estate in Airdrie, along with the rest of the province, has been hit by a double whammy, according to a local realtor.

Greg Marr with Remax Rocky View Real Estate says the economy is one thing, but new borrowing regulations have eliminated many people from the real estate market. Marr says that detached homes in the sub $400,000 range are the ones that are moving the best.

"With the changes in some of the borrowing conditions, the affordability that a lot of people can qualify for is reduced, which just strengthens the sub $400,000 category because most people can only afford to shop there."  

Last October, new mortgage rules came into effect that were meant to reduce the risk to Canada's financial system and allowed people to borrow less for their homes.

"You've got a harder time for people wanting to buy their first home," says Marr, "trying to get up and out of the rental market because of the regulations"

Marr thinks if you're considering buying a home, now would be a great time to do it. "The product is there and it's a fantastic value. If you're able to upgrade now is a good time to do it. The market is still soft in what I would call the Airdrie luxury market, the $500,000 and above segment."

Another part of the market which isn't doing well is the apartment and condo segment.

"I remember in 2014 you might see something go out the door at $215,000 and now it's $189,000," says Marr, "It just had a crushing implosion of price and a huge bump in supply because there aren't those throngs of people from elsewhere who are qualifying for their first mortgage and that's what they can afford and as much as they need because they sleep here and work up north. So that product is particularly distressed."

Despite the challenges, Marr is optimistic about the Airdrie market. "Real estate continues to be a very sound investment and fluctuates the least.  Real estate continues to be your best investment for steady, long term growth." 

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