This Monday, the federal government announced new mortgage qualification guidelines will come into effect October 17th.

Portage la Prairie Real Estate Board President Rhonda Lodwick says the intent is to prevent people from buying beyond their means. She explains what that means.

"And so the rates for qualifying for mortgages are changing. And this is going to impact those buyers -- especially that are shopping right now, that have their pre-approvals -- possibly after October 17th, they won't qualify for as high of a mortgage as they thought. So I would encourage everyone to talk to their banks, talk to their mortgage brokers, or talk to their realtors, and make sure they have all of their information.

Lodwick points out interest rates aren't affected by the regulations.

"It's just that you have to qualify at a higher interest rate, so that you're able to pay your mortgage if the rates did go up in the future. So it's important to realize that there are still really great, low interest rates, it's a great time to shop -- lots of houses on the market -- but, do touch base with your banking facilities, and talk to the experts, and make sure that everything is good to go for the future."

She sees the government's move as good.

"We've had low interest rates, but they keep forecasting that the rates are going to go up. We've yet to see it, but typically, when the minister of finance tightens the belt, that they do raise the rates a little bit. So I think it's a really good thing, if you're thinking of buying a house, to keep your eye on this."