Effective January, 2018, the qualifying rate for uninsured mortgages, (20%+ down payment), will be the greater of the five-year benchmark rate published by the Bank of Canada, (4.89% today), or the contractual mortgage rate + 2%.
In plain English, IF the 5 year contractual rate in January, 2018 is 3.35%, your lender will be using 5.35%, (3.35% + 2.00%) to qualify your mortgage. You will qualify for a lot less mortgage than you do today.
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If you want to discuss a financing solution tailor-made to you, contact me via email, firstname.lastname@example.org or phone 647-201-0167, to discuss.