Looks like they are trying to push the needle slightly into the bubble. I'm not how much effect this will have other than keep people renting that are renting and make it harder to sell over the years ? Someone with more insight please pipe up.
Also, am I reading this correctly? Once this goes in are you no longer able to get a 30 year mortgage? Or just a CHMC insured 30 year? It won't effect me, but I'm thinking other people it may make life a lot harder having higher payments (or possibly not even qualifying for their own mortgage anymore), or forcing them out all together.