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As of today you may need to dig a little deeper to buy your next home. New rules aimed at cooling off the scorching hot housing markets in Toronto and Vancouver mean buyers will now be required to put down at least 10% on homes priced between $500 000 and $1-million.

Before today, a $700 000 house, the down payment would have been $35 000, now it’s $45 000. Under the new rule, out of that $700 000, you’re still allowed to put 5% down on the first $500 000, the 10% down payment kicks in on the remaining $200 000. In the end, you’re paying $10 000 more than if you were to purchase a house yesterday.

This new reality could price out those looking to buy their first home in a city like Toronto and will no doubt bring them to Hamilton.

The Canada mortgage and housing corporation reported that a record 802 homes were sold in Hamilton in December and those homes sold for 9% more than the previous year. This new rule could bring both those numbers up in 2016 leaving lower budget buyers out of the loop.