The CHMC's stricter lending criteria has had an impact on the first-time home buyer's market in Winnipeg.
Manitoba Land Transfer tax, whose rates were set in the 1990's and haven't been adjusted for today's house prices, is a significant burden for these buyers as well.
These two financial hurdles have made it difficult for the first-time home buyers to wnter Winnipeg's housing market in the past two years, and this is not expected to change in 2015.
Despite the Challanges, two key groups of first-time buyers are driving the market in Winnipeg. One of these is new immigrants, who tend to prioritize home ownership when choosing to invest their savings.
The other group is young two income couples who work in service industries, with federal goverment's plans to bring more immigrants to Winnipeg next year, the market should remain robust and sales are expected to increase.