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Would-be buyers are often shut out of the market – despite having that 20 per cent down payment sitting in their savings account. The mortgage stress test ebbs and flows with the interest rates, but it has had a huge impact on Canada’s housing market. So it’s no surprise affordable housing and revisions on the mortgage stress test have become key election issues.

But according to the National Bank of Canada’s chief executive officer Louis Vachon, federal party candidates need to pause before making any major changes to housing policies.

“The so-called B-20 rule has been put in place now [for] almost a year,” Louis Vachon said in a Wednesday interview with BNN Bloomberg. “I think we need to give a little bit more time to go by to assess how it’s impacting different markets in different parts of the country.”

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