Rate hikes seem to be on hold for now.

That means the stress test, which requires all who are getting a new loan to qualify at the Bank of Canada’s current five-year benchmark rate, or on their contract rate (the rate they’ve been quoted and agreed to), plus two percentage points. 

Last year, the rising interest rates with the added stress test continually lowered the amount buyers could qualify for. This year, if interest rates remain steady, that may give buyers more time to qualify.