Mike and Sierra live in Edmonton and are ready to move up to a larger home. He has a credit score of 716, while his wife has a credit score of 704.  They are both in sales and together earn more than $120,000 annually.  Their current home is worth $330,000.  With the new mortgage rules they don’t even qualify for a house purchase of $330,000, the same price as the home they have owned for five years.  Under the former rules, they could qualify for a home between $380,000 and $400,000.