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The following piece from Global News is a nice summary of the implications of the new mortgage stress test.

Could you pass the mortgage stress test? Here’s how to find out


It is worth pointing out that the accepted GDS and TDS ratios vary based upon a borrower’s credit score.  Typically, people with credit scores above 680 can qualify for ratios of 39% and 44% respectively.

Nonetheless, the article is worth reading if you are in the market and will need a mortgage.