If you are in the market for a house, now is the time to buy here in Lacombe.

That according to local real estate agent with RE/MAX Lori Hellofs, who says this is normally a slow time of the year in the housing market, and the downturn in the Alberta economy has certainly played a part as well.

“We are keeping busy doing market evaluations, meeting with clients to help give them advice on what steps they need to take in order to get their homes ready to list. And for buyers it’s a great time because there’s a good selection of homes, and we do have some motivated sellers out there, so it’s a good time for those young people to get in on the market.”

Hellofs says the new mortgage rules that come into effect January 1st will impact the uninsured buyers more. That’s people with 20% or more in a down payment.

“Their buying power may be diminished slightly because they have to go through what’s called the stress test. They don’t have to pay insurance but what the stress test does, it consists of ensuring that that borrowers going to be able to pay the loan back if the interests rates become higher than what they are today.”

Currently there's 101 active listings in Lacombe, only 7 sales in November, ranging in price from $177,000 to $650,000, which Hellofs says is a good indicator that the market is rebounding.