New mortgage rules have been set in Canada in hopes of improving high risk markets such as Toronto and Vancouver; however, the effects they have on the smaller markets aren't necessarily helping.

In fact, it is even more difficult to buy a house in Regina or Moose Jaw after these new rules have been put in place.

Gord Archibald, CEO of the Regina Realtors Association that encompasses Moose Jaw and the surrounding area, explains what exactly the new rules are doing.

"It essentially causes potential buyers to qualify for a mortgage at a rate 2% above what their negotiated mortgage rate is."

Archibald compares the two different markets and adds that it doesn't make sense to have the same rules.

"What's occurring in Toronto and Vancouver is not occurring in Regina and Moose Jaw, and yet we've seen that these types of rules coming in place to manage risk are applying to our market and are taking buyers out of the market place when we don't need that."

Archibald believes the solution to the issue is to only have these rules apply to higher risk markets, while leaving smaller markets such as Moose Jaw and Regina the way that they were before.