Do you have at least 20-per-cent home equity and need a new mortgage? Are your housing costs more than a third of your gross income?

If you answered yes and yes, then Jan. 1, 2018, is a date you should mark on your calendar.

That's when our banking regulator's new mortgage stress test officially kicks in. And if you meet the criteria above, you may not qualify for as big a mortgage next year as you do today.

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But you may have even less time than that.

The Office of the Superintendent of Financial Institutions (OSFI) tells us that "approved loan applications occurring between October 17, 2017 and January 1, 2018 might be subject to the new rules, depending on the institution. This is because … where possible, institutions are encouraged to comply with the new rules as soon as they can." So far, I'm not aware of any big lenders imposing the new stress test. But you can bet that some will, starting as early as next month or December.LIRE LA SUITE ICI...

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