As governments and individuals around the world work to combat the spread of the COVID-19 virus, it has become clear the epidemic will have far-reaching impacts for Calgary's residents, businesses and economy.

A rising number of homebuyers in Canada are turning to alternative lenders for a mortgage, says the Canada Mortgage and Housing Corporation (CMHC).

Mortgage investment corporations (MICs) held between $13 and $14 billion of outstanding mortgages in Canada in 2018, capturing one per cent of the market share, according to a CMHC report.

Given the current economic situation across the province, the big question on many Calgarians' minds these days is, "can I afford to buy a home?"

Valuable information for prospective homebuyers

Canada's new mortgage qualification rules and how they could affect you

On Jan. 1, 2018, new mortgage rules came into effect. Under the new rules, Canadian mortgages are subject to stricter qualifying criteria. Ultimately, this means some buyers will have to settle for less expensive homes than they could have qualified for prior to the rule change – up to 20 per cent cheaper in some cases.

All homebuyers must now go through the mortgage stress test:

You asked, we answered

The people have spoken! We asked you for your most pressing real estate questions, then threw them to our expert panel of experienced REALTORS®: John Hripko (Royal LePage Benchmark), Laura O'Connell (RE/MAX House of Real Estate), Sam Crick (RE/MAX Realty Professionals) and David P. Brown (The Real Estate Company Ltd.).

Making the right decisions during this crucial part of buying a house can set you up for long-term financial success

For anyone buying real estate, arranging a mortgage is a sure sign that you're about to make your dream home a reality.

But with the all the options that are available, how do you find the mortgage that's right for you?

Greg Miller, a mortgage professional with SmartCap Inc. in Calgary, says step one for him is "finding out what are the client's short-term needs and long-term needs, their goals, and what does their budget allow for in terms of a payment?

"After that you can tweak a mortgage to cater it to them."

Report notes mortgage lending rule changes could spell trouble for city's housing market

Recent changes by the federal government to mortgage lending rules will likely serve as headwinds for the city's recovering real estate market in the coming year, said CREB® in its 2017 Economic Outlook and Regional Housing Forecast.

Since 2008, the federal government has been tightening mortgage lending rules.