Melinda M. was tired of renting and finally ready to buy her own place in Ottawa where she works. She makes about $4,500 a month, has a good credit score and $20,000 for a down payment. Tiffany was also already used to paying $1,500 in rent and utilities. For Melinda, home ownership is a means of forced savings and at the same time providing her with a nest egg when it’s time to retire.

Under the former rules, she would have been able to qualify for a $232,795 mortgage.

She was looking at a home in that price range, which is tough to get in Ottawa but not impossible. However, with the new rules, she can only qualify for a mortgage of $187,744.

If Tiffany were to buy a home outside of the city or other parts of the country, it would have been possible, but since she works in Ottawa and all her family is there, she can’t just pick up and leave.