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Calgary could feel the biggest jolt from mortgage changes intended to bring stability to Canada’s largest real estate markets, says one bank analyst.

While local home sellers said the move to increase minimum mortgage down payments on higher-priced homes will have little impact on sales, home builders fear buyers could be scared off.

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Under the changes announced Friday by federal Finance Minister Bill Morneau, homebuyers will have to put a 10 per cent down payment on the portion of the price of a home over $500,000, effective next February. Anything under $500,000 will still only require a five per cent down payment.

Benjamin Tal, deputy chief economist with CIBC World Markets, said the new rules could hit Calgary hard since its share of affected new home sales is close to 10 per cent “due to its relatively large share of high-ratio mortgages — not exactly a city that needs additional cooling.”

The Calgary Real Estate Board said almost one-third of the 18,349 MLS sales this year have involved homes valued at more than $500,000. Home sales in Calgary are down almost 26 per cent from 2014 as the effects of oil price volatility have rattled the Alberta economy.

The Canadian Association of Home Builders’ — Alberta said it’s concerned how the changes will affect buyers in the province, where about 70 per cent of new single-family homes are priced above $500,000. In Calgary, that proportion tops 85 per cent.