Canadians looking to buy a home before the new mortgage rules apply may need to act now before the January 1st, 2018 deadline. Stress test used to only apply to home buyers with less than a 20 percent down payment, but the rules governing mortgages have been tightened and now all borrowers will need to meet these guidelines. Essentially, the new rules could cut a home buyer’s purchasing power by up to 21 percent. While it is expected to take effect in the new year, banks may move up the policy date and some estimate that it could come as soon as December.

Read more: Think you have until next year for new stress tests? Think again. – Article