Referring to the B-20 guidelines which impact the loan industry, Superintendent Jeremy Rudin said " These revisions reinforce a strong and prudent regulatory regime for residential mortgage underwriting in Canada" the changes come into effect on Jan 01, 2018. 

The new stress test is the latest in a series of policy changes and rules aimed at ensuring Canadians can afford their homes even if interest rates rise. 

These changes may force some consumers to consider more volatile variable rate mortgages in order to qualify under a strict stress test.

Rudin acknowledged that the stress test could push prospective homebuyers more towards lenders that are not federally regulated rather than the banks. 

Jeremy Rudin also said "Those folks will need almost 20% more income to qualify for the same size mortgage they can get today. "