I don't like the timing of this, as I think it's too much at once, but the "stress test" will officially be implemented for uninsured (>20% equity) mortgages starting January 1st, after being implemented for insured mortgages in late 2016.
All mortgages will be qualified at either the Bank of Canada benchmark rate (currently 4.89%) or the contract rate + 2% - whichever is higher.
If anyone has any questions or wants to see how this could affect their situation, please feel free to PM or ask questions within the thread.
http://www.cbc.ca/news/business/osfi...ules-1.4358048
Greg